How should firms be incentivized to adopt new technologies when the technical merits and spillovers of such technologies are uncertain? We show that, when information is dispersed but exogenous, efficiency can be induced with simple (constant) subsidies. When, instead, firms must also be...

This paper studies the role of social connections in shaping individuals’ concerns about climate change. I combine granular climate data, region-level social network data and survey responses for 24 European countries in order to document large information spillovers. Individuals become more...

Corporate governance is vital in the effective implementation of domestic and foreign economic policies. In this context, this study examines the role of political connections in the Indian context to understand their impact on firms' productivity and technology transfer. We ask the following...

One of the main challenges in low-income Asia and the Pacific countries is users' willingness to pay for water services. In contrast, investors and private operators in the water sector prefer a high rate of return. This has often led to the failure of public-private partnerships for water...

We introduce a dynamic model that investigates the persistence and evolution of elite-dominated societies, where inherited political capital determines one's social standing. Our analysis highlights the critical role of the distribution of exit options in the evolution of political inclusiveness...

This paper estimates family spillovers in high school major choice in Sweden, where admission to oversubscribed majors is determined based on GPA. Using a regression discontinuity design, we find large sibling and intergenerational spillovers that depend on the gender mix of a dyad. Same-gender...

Are land locked countries subject to sea-level rise risk? We highlight a new mechanism by which physical climate shocks affects countries' macro-financial performance: the cross-border spillover effects that propagate through international trade. Basing our findings on historical data between...

The lack of evidence for the positive spillover effects of foreign direct investment (FDI) in developing countries is puzzling. In this study, we address this concern by examining the local spillovers of FDI, observing that the spillovers are often constrained at the regional level....

This paper provides evidence of the role of spillovers in the efficiency of French municipalities. These spillovers are apprehended through four levels of municipal equipment and we investigate municipal efficiency changes both for cities including a certain amount of equipment and for cities...

Using a nationally representative data in China, this study applies a difference-in-difference method to estimate the effect of long-term care insurance (LTCI) on spousal labor supply. First, we find LTCI increases the probability of spousal labor participation by 3.4 percentage points and...

The impact of prices of natural gas, coal, and carbon emissions on the empirical distribution of electricity prices in Germany is investigated using a flexible distribution with time-varying mean, variance, skewness, and kurtosis parameters, augmented with seasonal components for the day of the...

The relevant disclosure policies in China are late and weakly binding in comparison to developed capital markets like the US, which have systematic and mandatory patent disclosure requirements. As a result, Chinese companies are more selective in their patent disclosure actions, which causes...

This paper analyzes the spillover effects of the first sectoral minimum wage in Germany. Using a triple differences estimation, the study examines the impact of public discussion and announcement of the minimum wage on workers and industries outside the minimum wage sector. The results show that...

We investigate the drivers of the recent inflation in three currency areas: the United States, the euro area, and the United Kingdom. To do so, we use a VAR set-up to examine the nature of the shocks that underpinned the recent inflation. We apply two methods to calculate shocks -- the standard...

Our study examines the conditions under which firms enter into strategic alliances subsequent to knowledge spillovers. We propose that spillovers serve as signals of knowledge dependence and potential complementarity, encouraging alliance formation to enable better learning and limit...

The present study examines the impact of spillover effect of foreign direct investment (FDI) on skilled-unskilled wage inequality in the Indian manufacturing Industries. We have considered competition spillover, R\&D spillover and Skill spillover effect of FDI firms. Foreign firms dominate...

Drawing on selective stylized facts, the paper evaluates the growth-effects for African countries and the disruptive potentials resulting from the COVD-19 pandemic, as African countries are involved in intra-regional integration processes. As AfCFTA involving 55 countries (ratified by 22...

This paper evaluates the macroeconomic effects of foreign and domestic central bank government bond purchases on the Swedish economy before and during the Corona pandemic using a small open economy DSGE model with segmented asset markets. In this model, the effects of foreign and domestic...

This paper outlines the three-country New Keynesian Dynamic Stochastic General Equilibrium model of the National Bank of Belgium. The model is named BEMGIE for Belgian Economy in a Macro General and International Equilibrium model. It features imperfect market competition, standard real and...

We use a regression discontinuity design and difference-in-differences estimators to estimate the impact of a one-shot hiring subsidy for low-educated unemployed youths during the Great Recession recovery in Belgium. The subsidy increases job-finding in the private sector by 10 percentage points...

Using an identification strategy based on random assignment of refugees to different municipalities in Denmark between 1986 and 1998, we find strong evidence that gang crime rates in the neighbourhood at assignment increase the probability of boys to commit crimes before the age of 19, and that...

This paper studies an information intervention designed and implemented in the context of a school assignment mechanism in Mexico City. We find that providing students from socio-economically disadvantaged backgrounds with feedback about their academic performance contributes to placing...

We propose an approach for jointly measuring global macroeconomic uncertainty and bilateral spillovers of uncertainty between countries using a global vector autoregressive (GVAR) model. Over the period 2000Q1-2020Q4, our global index is able to summarize a variety of uncertainty measures, such...

Competition in the U.S. appears to have declined. One contributing factor may have been heterogeneity in the availability of credit during the financial crisis. I examine the impact of product market peer credit constraints on long-run competitive outcomes and behavior among non-financial firms....

This paper presents a method for estimating treatment effects of regulations when treated and control firms compete on the output market. We develop a GMM estimator that recovers reduced-form parameters consistent with a model of differentiated product markets with multi-plant firms, and use...

This paper contributes to the financial crisis literature by developing a deep learning model for predicting financial crisis events. We propose a novel gated graph neural network (GGNN) early warning model based on information spillover networks. The spillover network allows us to clarify the...

This study proposes a GARCH copula quantile regression model to capture the downside and upside tail dependence between oil price change and stock market returns at different risk levels. In the model, ten copulas are provided to measure the nonlinearity of the tail dependence with the marginal...

This paper explored the second moment spillover across stock market (domestic & foreign) and Indian Foreign Exchange market (INR/USD, INR/GBP & INR/JPY) with three data frames labelled: Full Period (April 2, 2014, to March 31, 2021), Pre-Covid Period (April 2, 2014, to January 29, 2020) &...

This paper examines the impact of spillover effects of energy transition metals on the Chilean economy. With the increasing demand for metals like copper and lithium due to the growth in renewable energies and electromobility, metal abundant countries like Chile must ready themselves to remain...