Article
Economics
Kilian Rieder, Michael Anson, David Bholat, Ryland Thomas
Summary: This study examines the behavioral responses of counterparties to the (non-)receipt of liquidity during a crisis by exploiting a fixed rule constraining central bank credit provision in a regression discontinuity framework. The Bank of England began rationing credit in spring 1847 to avoid violating its gold reserve requirement, leading to a higher likelihood of failure for counterparties that were rejected by the Bank. Surviving counterparties that were rationed changed their behavior during a subsequent panic in fall 1847, with more frequent visits to the discount window, smaller requests, and reduced reliance on central bank liquidity overall.
Article
Economics
Alfredo Coutino
Summary: This paper argues that the persistent inflation in the U.S. during the post-COVID economic recovery was mainly the result of the Fed's policy mistake caused by an overestimation of the negative output gap. The paper shows that the U.S. economy quickly rebounded and outpaced its potential output, thus remaining in overheating territory. However, policymakers prolonged the monetary expansion beyond the necessary, which contributed to fuel inflation for a more prolonged time.
JOURNAL OF POLICY MODELING
(2023)
Article
Economics
Victor I. Espinosa, Miguel A. Alonso-Neira, Jesus Huerta de Soto
Summary: This article explores the relationship between the Fractional-Reserve Banking System (FRBS) and the ethics of private property, providing alternative paths to promote sustainable economic growth and development. By examining cases of fiat inflation and business cycles, it reveals the significance of ethics in sustainability and offers new avenues for policy reform and research.
Article
Economics
Masami Imai, Tetsuji Okazaki, Michiru Sawada
Summary: The study finds that the preferential treatment given to correspondent banks by the Bank of Japan during a series of financial panics helped mitigate the decline in deposits and loans for these banks and reduced the likelihood of their closure. This suggests that central bank liquidity provision plays a critical role during periods of financial stringency.
EUROPEAN REVIEW OF ECONOMIC HISTORY
(2022)
Article
Economics
Rebeca Gomez Betancourt, Ivo Maes
Summary: This paper delves into how Paul van Zeeland, a Prime Minister in the 1930s, rose to fame as one of the most renowned Belgian monetary economists, tracing his early experiences in Belgium, studies at Princeton with Kemmerer, and leadership role as the first Head of the Economic Service at the National Bank of Belgium. The analysis focuses on his support for the gold standard, quantity theory of money, and real bills doctrine, with particular attention given to his PhD dissertation on the Federal Reserve System, as well as papers located in the NBB archives from the early twenties.
EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT
(2021)
Article
Law
Will Bateman
Summary: Monetary finance, as a highly debated topic regarding the legitimacy of central banks in liberal economies and democracies, is analyzed in this article through examining the legal frameworks of the Federal Reserve System, the Eurosystem, and the Bank of England from 2008 to 2020. The article reflects on the challenges that monetary finance presents to the sui generis position of central banks in the liberal constitutional order, especially in response to the financial crisis and the COVID-19 pandemic.
OXFORD JOURNAL OF LEGAL STUDIES
(2021)
Article
Business, Finance
George S. Tavlas
Summary: In recent years, there has been growing support for the idea of 100% reserve requirements on demand deposits. This idea was initially proposed in 1933 by a group of economists from the University of Chicago, known as the Chicago Plan of Banking Reform. However, it was later discovered that Nobel Laureate Frederick Soddy had also suggested a similar idea in 1926. Further evidence suggests that Frank Knight and possibly Henry Simons had conceived the idea of 100% reserves prior to Soddy's publication in 1926.
JOURNAL OF MONEY CREDIT AND BANKING
(2023)
Article
Economics
Jane Ihrig, Gretchen Weinbach, Scott Wolla
Summary: This article discusses the roles of banks and the Federal Reserve in the financial system, emphasizing the need for updated concepts in introductory economics textbooks. It highlights two key mistakes often taught in the classroom and provides recommendations and resources for instructors seeking to update their materials.
REVIEW OF POLITICAL ECONOMY
(2023)
Article
Business, Finance
Fred Huibers
Summary: Bitcoin proposed an alternative monetary system where banks are replaced by a peer-to-peer system, although it has not yet become a viable alternative. However, the distributed ledger technology is being successfully applied by financial institutions and may have significant implications for the future of money and banking.
ACCOUNTING ECONOMICS AND LAW-A CONVIVIUM
Article
Ecology
Simon Rabaa, Robert Wilken, Sylvie Geisendorf
Summary: Energy efficiency measures are crucial for combating climate change, but rebound effects may undermine their effectiveness. This study finds that prior energy efficiency behavior does not hinder subsequent climate-friendly behavior, which is determined by individual demographics and environmental attitudes.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
James R. Meldrum, Patricia A. Champ, Hannah Brenkert-Smith, Christopher M. Barth, Abby E. McConnell, Carolyn Wagner, Colleen Donovan
Summary: This study reassessed a previous study using a richer dataset and found that individuals with lower incomes are less likely to participate in cost-sharing programs, and even if they do participate, they contribute a lower share. This indicates potential economic equity concerns.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Daniel Rueb
Summary: This paper examines the distributional effects of the European Commission's Fit-for-55 package at the household level in seven EU countries and finds that a household-size specific lump-sum refund can mitigate the negative distributional effects of a carbon tax and reduce overall inequality.
ECOLOGICAL ECONOMICS
(2024)
Correction
Ecology
Anke Jacksohn, Miguel Angel Tovar Reanos, Frank Pothen, Katrin Rehdanz
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Pierre Chiaverina, Sophie Drogue, Florence Jacquet
Summary: This study investigates the impact of farmers' participation in different short food supply chains (SFSCs) on synthetic pesticide use and crop yields. The findings show that farmers who sell part of their crops through direct-to-consumer channels use significantly fewer synthetic pesticides compared to those who sell through long food supply chains. However, there is no evidence that farmers involved in direct-to-retailer channels use significantly fewer synthetic pesticides. Additionally, there is no indication that SFSC participation affects crop yields.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Kangyin Dong, Yang Liu, Jianda Wang, Xiucheng Dong
Summary: This study uses the generalized method of moments (GMM) model to explore the relationship between the digital economy and energy vulnerability in 110 economies. The findings suggest that the digital economy effectively reduces energy vulnerability, with digital infrastructure and social impact being the main contributors. Furthermore, the digital economy helps upgrade the industrial structure and financial development level, thereby reducing energy vulnerability. Additionally, the negative impact of the digital economy on energy vulnerability is more significant in regions with higher income levels.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Romain Espinosa, Nicolas Treich
Summary: This study examines a simple model of consumption of animals with altruistic behavior towards animals. The model reveals a public good issue, where the market equilibrium leads to low quality and excessive quantity of animal lives when they are not worth living. The implications of the findings and the significance of the modeling choices for future economic research on animal welfare are discussed.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Arianna Buratto, Lorenzo Lotti
Summary: Finding ways to steer consumers towards vegetarian and plant-based meals is important for reducing the environmental impact of diets. In this study, we investigated the use of nudges in restaurants to increase sales of vegetarian and plant-based dishes. We found that removing symbols for these dishes increased sales, while adding a low emissions symbol had no effect. However, when the nudge was made transparent through a statement, sales significantly increased. These findings support the use of nudges as cost-effective interventions to address unsustainable food consumption in the hospitality sector.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Emmanuel Paroissien, Timothy K. M. Beatty, Antoine Nebout
Summary: This article provides empirical evidence that the opportunity cost of time explains the frequency of household food waste. The study found that proxies for the opportunity cost of time were positively correlated with the probability of reporting wasting food.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Jefim Vogel, Gauthier Guerin, Daniel W. O'Neill, Julia K. Steinberger
Summary: This study explores the vulnerability of livelihoods to a reduction in economic output and introduces a novel analytic framework to describe their relationship. The study finds that the vulnerability is not inevitable but arises from insecurity in wage labor, adequate incomes, and pensions. These conditions are primarily due to profit maximization and neoliberal welfare and labor policies. The study identifies a range of interventions to overcome this vulnerability and make stringent environmental policies socially sustainable and politically palatable.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Franziska Dorn, Simone Maxand, Thomas Kneib
Summary: Understanding the interconnected nature of rising carbon emissions and income inequality is crucial to achieve social and ecological sustainability. The distributional copula model used in this study uncovers complex interdependencies that standard linear regression techniques might hide.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Darius Corbier, Frederic Gonand
Summary: The article investigates the macroeconomic channels of transmission of the low-carbon transition in two official scenarios for the French power system under different oil price scenarios. The results show that technical progress and substitution mechanisms can drive the decarbonization of the economy and growth, with energy demand and durable goods demand being the main transmission channels.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Gloria Amaris, Stepan Vesely, Stephane Hess, Christian A. Klockner
Summary: The study of human behavior is crucial for the development of policies for sustainability. It is important to consider the possibility of spillover effects in mathematical models, as exposure to related choices can influence subsequent behavior. Our study demonstrates the existence of these spillover effects and showcases the effectiveness of discrete choice models.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Sonia Almeida Neves, Antonio Cardoso Marques, Leonardo Batista de sa Lopes
Summary: This paper investigates the impact of European Union regulations on e-waste exports. The findings suggest that taxation is ineffective in reducing e-waste exports and may even increase them. Additionally, high dependence on foreign raw materials and sub-standard waste collection systems contribute to the increase in e-waste exports. Therefore, investing in e-waste collection facilities can better utilize the valuable resources in this waste.
ECOLOGICAL ECONOMICS
(2024)
Article
Ecology
Gregor Semieniuk
Summary: Efforts to decouple economic growth from resource use and negative environmental impacts have yielded inconclusive results, partially due to the uncertainties in historical measurement arising from definitional changes to GDP. This study examines the impact of GDP vintages on decoupling results and finds that a significant number of countries switch between relative decoupling and recoupling, and that GDP vintages also affect environmental Kuznets curve results and the decline in global energy intensity. The inconsistencies in economic measurement introduce ambiguity into historical decoupling evidence and model projections into the future.
ECOLOGICAL ECONOMICS
(2024)