I study how delayed retirements reshape firms internal labor markets, leveraging a German reform that raised womens early retirement age by at least three years. The reform increased retention of older women and reduced both internal promotions and external hiring of younger coworkers, with the...

This paper evaluates whether environmental education can shift household behavior through intergenerational transmission of knowledge, beliefs, and attitudes. We implement an activity-based program in Patna, India, and conduct a randomized experiment with 1,545 child-parent pairs assigned to...

Global warming and energy security challenges have intensified globally, compelling nations to pursue sustainable energy transition pathways. Artificial intelligence (AI) plays a pivotal role in addressing complex systemic challenges and enhancing industrial efficiency, and is widely recognized...

This study, set against the backdrop of escalating trade tensions between China and the United States, examines the impact of soybean tariff adjustments on the abnormal asymmetric behavior in the futures market. By employing specialized analytical methods that capture market volatility asymmetry...

We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets. We...

We study how deposit rate shocks transmit across banking markets through digital social ties. Depositors' inattention implies that households react to outside rate changes only when social networks make these changes salient, inducing connected banks to raise their own rates. Using merger-driven...

This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins. These digital assets create a new global safe asset channel that links private money creation and global payment needs directly to U.S. public debt. By reshaping the demand for safe...

This paper studies how parental leave quotas may foster a more gender-equal division of parental responsibilities by increasing fathers' uptake of leave beyond the reserved amount. Specifically, the paper examines whether the introduction and expansion of 30-days parental leave quotas in Sweden...

To study the distribution of economic activity across space and place-based policies, I develop a model of the location choice of new establishments incorporating monopsonistic labor markets, taxes, and spillovers. Estimates using German administrative data indicate that establishments prefer...

In this paper we use comprehensive historic firm level data for 1925 to 1938 to estimate productivity spillovers from Japanese textile companies' affiliates in China (Zaikabo) to local cotton producers in China. We geo-localized firms in order to capture the important role of distance in...

In this paper we use comprehensive historic firm level data for 1925 to 1938 to estimate productivity spillovers from Japanese textile companies' affiliates in China (Zaikabo) to local cotton producers in China. We geo-localized firms in order to capture the important role of distance in...

As China advances toward its "Dual Carbon" goals, clarifying the role of the digital economy (DE) in reducing urban carbon emissions is of growing importance. This study uses panel data from 274 Chinese prefecture-level cities (2011-2022) and applies benchmark regression, the Spatial Durbin...

We study the spillover effects of cognitive decline in one member of a coupled household on the financial outcomes of their partner and assess how "own" and spillover effects are moderated by the structure of household financial decision-making. We use a large, nationally representative...

Concerns have been raised regarding the equity and efficiency of Chinese healthcare systems, where improved transportation is expected to be a significant factor. The positive externalities of transport have been confirmed in many domains, but there is a lack of evidence in the field of...

This study examines volatility spillovers among climate-policy-relevant sectors in the Chinese stock market across both time and frequency domains. It further explores the impact of climate policy uncertainty on the risk spillover effect in the Chinese stock market and its underlying mechanisms....

This paper uses a statistical test based on entropy theory to propose a new way to distinguish between interdependence, contagion, and the decoupling hypotheses in the context of shock transmission and spillover. Applying the proposed approach, the three hypotheses are examined when measuring...

Against the backdrop of the profound adjustment of the global value chain, how technological spillovers from imported intermediate goods affect the heterogeneous innovation paths of firms is a core issue for developing countries. Based on the panel data covering 278 prefecture-level cities in...

This study examines the interconnectedness and idiosyncratic risks in sub-Saharan forex markets from 1999 to 2023. Using the TVP-VAR extended joint connectedness technique, we measure both the static and dynamic extended joint connectivity. Our analysis reveals that sub-Saharan forex markets are...

Global warming pressures legislators to alter climate policies to steer the world economy on a path with a net zero carbon footprint. This study examines the returns and volatility connectedness and the spillover of climate exchange-traded funds with climate policy uncertainty in the...

Turmoil in one economy can readily spread to others with which it is closely integrated. Emerging economies, often marked by structural fragility, are particularly vulnerable to spillovers from advanced economies on which they rely for growth and development. This study examines how economic and...

This study explores dynamic interconnectedness and volatility spillovers among four asset clusters-brown (fossil fuels), green (clean energy), blue (water-related), and orange (technology)-from April 2014 to October 2024, incorporating major geopolitical events, such as COVID-19, the...

This paper examines the spillover effects of policy uncertainty in Lebanon on stock market volatility in seven MENA countries using a network connectedness approach. For this purpose, it constructs an economic policy uncertainty index for Lebanon using data extracted from Twitter (now X) for the...

Promoting green and low-carbon innovation (GCI) with digitalization is important to achieve carbon peaking and neutrality goals and would accelerate low-carbon transformation. Digital technology embeddedness (DTE) disrupts traditional business innovation patterns, but its ability to steer...

This study examines return connectedness and spillover shock effects between Islamic profit-sharing rates (PSR) and conventional deposit rates (DPR) of banking sectors across various maturities in Türkiye and Malaysia. Overall, financing rates with various maturities in Türkiye act as...

Motivated by the dominant role of the US dollar, we explore how monetary policy (MP) shocks in the United States can affect a small open economy through the expectation channel. We combine data from a panel survey of firms' expectations in Uruguay with granular information about firms' debt...