经济学, 本领域期刊类期刊, -365足球

we show that financial constraints lead to spatial misallocation and contribute to racial disparities in housing and wealth accumulation. using bunching and difference-in-differences designs, we document that down payment constraints disproportionately limit the ability of black households to access housing in high-opportunity areas. we build a dynamic life-cycle model to examine the long-term wealth

journal of political economy, volume 133, issue 9, september 2025.

journal of political economy, volume 133, issue 9, page 3044-3044, september 2025.

journal of political economy, volume 133, issue 9, september 2025.

journal of political economy, ahead of print.

electricity markets differ in the flexibility they have in meeting power imbalances on short notice in a controlled fashion. flexible markets can adjust operations to absorb random disruptions in power generation or demand. however, in markets with energy-only trading, where the producers are compensated only based on the energy delivered but not necessarily produced, there is no explicit remuneration

a central finding of the theoretical literature on bargaining is that parties’ attitudes towards delay influence bargaining outcomes. however, the ability to endure delays, resilience, is often private information and hard to measure in most real-world contexts. in the context of collective bargaining, we show firms actively attempt to become financially resilient in anticipation of labor negotiations

journal of political economy, ahead of print.

we model how investor learning about monetary-policy transmission impacts asset prices. in an asset-pricing model, investors learn from realized inflation surprises how effectively monetary policy steers future inflation. downward revisions in perceived effectiveness raise expected inflation persistence, increasing return volatility and risk premia. these effects intensify when policy deviates significantly

despite their reliance on fossil fuels, emerging asia has committed to the paris agreement, aiming for environmental stewardship through renewable energy innovations outlined in their nationally determined contributions (ndcs). motivated by this commitment, we investigate the impact of renewable energy innovation, investment, and energy systems vulnerability on ghg emissions (co2, ch4, n2o), while

this paper empirically studies the effects of the early law-and-economics movement on the u.s. judiciary. we focus on the manne economics institute for federal judges, an intensive economics course that trained almost half of federal judges between 1976 and 1999. using the universe of published opinions in u.s. circuit courts and 1 million district court criminal sentencing decisions, we estimate the

clean energy usage plays a key role in reducing reliance on fossil fuels and mitigating global environmental degradation. this study aims to address environmental challenges by examining the impact of green innovation and financial development on total, clean, and dirty energy usage in 49 high-income countries from 1990 to 2023 by employing the common correlated effects estimator (cs-ardl). the findings

journal of political economy, ahead of print.

journal of political economy, ahead of print.

the rise of the digital economy has undoubtedly created favorable conditions for advancing low-carbon development and strengthening climate change governance. this study develops a model of directed technical change that incorporates both digital technology and the data factor to explore the dynamic relationships among the digital economy, directed technical progress, and climate change. building on

sustainability-linked loans (slls) are an innovative, sustainable financial tool that ties preferential interest rates (pirs) to a company's sustainability-performance targets (spts). this study addresses two common greenwashing (gw) behaviours in slls, project misrepresentation and weak spts, focusing on carbon-emission (ce) targets as a key spt indicator. a signaling game model is used, involving

this article investigates the business cycle dynamics of different environmental policy interventions, to offer a viable solution for balanced macroeconomic stability with effective emission reduction. from the new keynesian macroeconomic analysis, our findings imply a leading role of cap and trade policy in abating excessive emissions with a favorable macroeconomic effect. of note, the results also

with the trial operation of a two-stage electricity trading mechanism, and the pilot of cap-and-trade policy in the electricity sector, optimizing strategies within a hybrid electricity market has emerged as a hot research topic. to explore the scenario of integrating renewable electricity to form a hybrid electricity market, and to analyze the impact of cap-and-trade policy on electricity market transactions

renewable power plant owners require new business models as governments phase out subsidy schemes. meanwhile, the interest of corporations in renewable power procurement to reduce their carbon footprint and hedge against electricity price volatility increases. corporate power purchase agreements (cppas), as direct agreements between producers and consumers, can conciliate both interests and are thus

this paper evaluates the impact of mission-oriented innovation policies and public r&d investment on regional economic development in europe by quantifying the responses of gdp, employment and private r&d across 243 nuts-2 regions from 1980 to 2019. using linear and non-linear local projections methods, we find that public r&d investment generates the largest multiplicative effect and produces a greater

this study explores whether firms decrease their carbon emissions in response to heightened political risk. political risk often imposes significant economic consequences, prompting companies to engage in costly strategies such as political lobbying. alternatively, firms may opt to manage their emissions to partially mitigate political risk. we posit that high carbon emissions can attract unwanted

this paper examines the effects of recurring commodity price shocks on supply chains, focusing on oil price fluctuations. we find that affected firms receive less liquidity from suppliers while extending more liquidity to customers to retain them, which further aggravates their financial conditions. we also find that firms extend more trade credit to customers when the lock-in effect is stronger that

we construct a volatility spillover index across six petroleum commodities and use this index to predict stock returns. empirically, we use the price data of crude oil, gasoline, heating oil, diesel fuel, jet fuel, and propane to construct the monthly petroleum volatility spillover index from 1996 to 2021, which significantly and positively predicts monthly s&p 500 index returns over both short- and

this paper is essentially based on the assumption that policies supporting investment in intermittent renewable technologies cannot be contingent on meteorological events causing this intermittence. this decision was taken by most policymakers to avoid overly complex policy prescriptions. but in doing so, the first-best energy mix may be out of reach. we compare, in a unified second-best setting, the

short sellers are widely known to be informed, which would typically suggest that they demand liquidity. we obtain comprehensive transaction-level data to decompose daily short volume into liquidity-demanding and liquidity-supplying components. contrary to conventional wisdom, we show that the most informed short sellers are actually liquidity suppliers, not liquidity demanders. they are particularly

we examine the effect of undiagnosed memory disorders on credit outcomes using individually-matched nationally representative credit reporting and medicare data. we find effects of early stage disease, years before diagnosis, on a wide range of financial outcomes, including credit card account payment delinquency and amount of delinquent balance, credit utilization among credit card account holders

journal of political economy, ahead of print.

this paper introduces a price co-bubble network model then investigates the transmission of co-bubbles across 36 commodity futures prices, enabling a comprehensive understanding of the dynamic changes in co-bubble dependencies at both the overall and sector levels and during crisis periods. the analysis highlights several key results. firstly, commodity futures within the energy group demonstrate a

we examine how the strategic behavior of electric utilities influences a multistage carbon emissions trading market without allowance banking. using a sequential two-stage game model, we identify key factors that shape trading outcomes over time. in competitive carbon markets with non-excessive allowance allocation, the second-stage price is higher than the first-stage price. heightened competition

ensuring universal access to affordable, reliable, and modern energy services is the seventh united nations sustainable development goal. however, energy poverty and unequal access to energy remain significant challenges, hindering energy transition in several african countries. this study investigates the patterns of energy transition and factors associated with energy consumption, energy poverty

this paper presents a theoretical model that predicts an inverted u-shaped relationship between green innovation and environmental regulation under free trade. our theory also determines the conditions under which international technology transfers increase green innovation. the predictions are tested empirically by estimating a fixed effects poisson model with data for a panel of oecd and brics countries

this study mainly examines the impact of digital economy on energy efficiency by employing country-level data for 69 countries from 2003 to 2019. the gmm estimating results suggest that digital economy is beneficial for improving energy efficiency, which is reliable while we conduct several robustness tests by re-doing estimation based on new sample, as well as changing the measurement of digital economy

energy communities (ecs) with photovoltaic (pv) installations can reduce their collective electricity costs by sharing self-generated power among members. this paper presents a comprehensive framework to address key challenges such as rooftop sharing, heterogeneous ownership structures, and electricity trading protocols. we propose the weighted constrained equal awards (wcea) mechanism’s proportional

many liberalized electricity markets use capacity mechanisms to ensure that sufficient resources will be available in advance of operations. recent events have called into question the ability of capacity mechanisms to provide sufficient incentives for reliability. a core challenge is that penalties for non-performance on capacity obligations are lower than what theory would suggest is economically

this study investigates the relationship between national geopolitical risk (gpr) and firm-level tail risks, including total tail risk, systematic tail risk, and idiosyncratic tail risk, using a comprehensive global dataset comprising 19,823 firms across 14 countries from 1990 to 2019. the sample includes energy-focused economies, where geopolitical tensions often intersect with national energy strategies

energy exchange-traded funds (etf) are innovative energy financial product that reflects the cyclical supply and demand of energy. this paper employs the tvp-var-dy model to examine the dynamic volatility spillover effects within the energy etf market in response to epu shocks, as well as to analyze the drivers of energy etf correlations. using daily data from december 1, 2011 to september 1, 2023

achieving sustainable development in the energy sector, particularly in renewable energy, requires substantial innovation funding, as it is essential for reaching net-zero emissions by 2050. this study explores how environmental policy influences the effect of energy innovation funding on renewable energy generation, addressing a key research gap in understanding policy impacts on energy transitions

this study explores the integration of shapley’s index and choquet’s integral as a hybrid approach to improve the analytic hierarchy process (ahp). while ahp provides a structured methodology for multi-criteria decision-making, it suffers from limitations related to subjectivity in the determination of weights. the shapley index, derived from game theory, introduces a rigorous analysis of the marginal

this paper presents a framework to study how investors’ social concerns affect technology choices. consequentialist preferences (disutility from aggregate harm) influence outcomes only if investors coordinate, unless internalized harm is independent of an investor’s mass. non-consequentialist preferences (disutility from stockholdings) affect outcomes regardless of coordination. both preferences have

artificial intelligence (ai) has emerged as a transformative technology with significant potential for accelerating the transition to sustainable energy systems. this study provides novel empirical insights into the effect of ai on energy efficiency and renewable energy integration. using econometric techniques, such as cross-sectionally augmented error correction models (cs-ecms) and pooled mean group

we characterize the contribution of changes in quality, price, and variety entry/exit to the aggregate price index for smooth, invertible demand systems, generalizing the standard results derived in the ces case. the results require the knowledge of heterogeneous cross-product elasticities of substitution. to apply them in practice, we also show how to identify rich demand systems using data only on

this paper uses newly-collected data on the allocation of dowry to examine its role in resolving intergenerational frictions around migration in india. migration disrupts traditional elderly support structures, in which sons live near their parents and care for them in old age. we develop a model in which dowry can promote migration by allowing sons to make upfront transfers to their parents and ease

we develop a tractable quantitative framework for modelling the rich patterns of spatial mobility observed in smartphone data. we show that travel is frequently undertaken as part of a travel itinerary, defined as a journey starting and ending at home that can include more than one intermediate stop on a given day. we show that these travel itineraries provide microfoundations for consumption externalities

we develop and estimate a dynamic model of risky prescription opioid use that allows us to unpack the role of person- and place-specific drivers of the opioid epidemic and to assess the impact of state opioid policies. event studies indicate that, among adults receiving federal disability insurance from 2006 to 2019, moves to states with higher rates of risky use produce an immediate jump in the probability

noncarceral conviction is a common outcome of criminal court cases: for every individual incarcerated, there are approximately three who were recently convicted but not sentenced to prison or jail. we extend the binary-treatment judge iv framework to settings with multiple treatments and use it to study the consequences of noncarceral conviction. we outline assumptions under which widely-used 2sls

jensen’s (1986) analysis of the agency costs of free cash flow radically transformed our understanding of corporate payout policy. this paper details the main pre-jensen advances in the payout literature, explains how his analysis profoundly altered the way financial economists view payout policy, and discusses prominent regularities that provide real-world texture for understanding the importance

several influential studies show that transformations of implied volatilities calculated from options prices predict stock returns. this predictability is puzzling because market participants readily observe options prices. we find that this predictability is consistent with implied volatilities reflecting stock borrow fees that are known to predict stock returns. we derive a formula relating the option-implied

this paper investigates the effect of climate change policies (ccps) on green innovation, for a sample of 40 advanced and emerging market economies, and five economic sectors, during the period 2000–2021. our results suggest that ccps positively affect the production of green patents, with the effect intensifying gradually over time. the effect is larger for non-market-based and technology support

the prevailing literature on international environmental agreements (ieas) commonly posits the existence of a depth-participation dilemma (dpd), suggesting that while precise agreements with well-defined obligations promote deeper cooperation, their specificity often deters participation. this paper revisits this assumption and introduces the differing institutional capacities of the negotiating countries

in increasing global efforts to enhance energy efficiency in buildings, this study employs an innovative topic modeling approach to explore the landscape of artificial intelligence and machine learning applications in building energy use. the study addresses three primary research questions: (1) what are the salient topics in ai applications for building energy use? (2) how have these topics evolved

this study analyzes the effects of us partisan conflict and us-china political relation news shocks on the oil market. a shock to partisan conflict leads to a drop in the political relations news index, a decrease in oil demand, and an increase in oil prices. when the political relations news index rises, it significantly reduces oil demand and prices, with only minor effects on oil supply. the study

we examine the adoption rates of responsible investment (ri) policies among university endowments. adoption rates are higher among universities that face stakeholder pressure and are donation-dependent. policy adoption predicts greater abnormal donations totaling 12 % of endowment assets, especially from “socially conscious” donors and during periods of higher media attention to climate change. universities

journal of political economy, ahead of print.

in recent years, the integration of renewable energy sources has highlighted the need for effective volume risk hedging at the local level. however, conventional financial instruments, such as wind power futures based on nationwide power output, are insufficient to meet local hedging needs. to address this gap, recent studies have explored efficient hedging methods using principal component analysis

technological innovation (ti) plays a critical role in transforming traditional economic models marked by high energy consumption, emissions, and inefficiency, thereby advancing the global “dual carbon” goals. this paper investigates how ti influences energy mix transformation (emt), using dynamic panel data from 61 countries over the period 2000–2022 and applying a multidimensional fixed-effects model

journal of political economy, ahead of print.

the ongoing escalation of downward pressure amid the tortuous transition toward energy sustainability has ignited public concerns about various uncertainties and their cross-category spillovers in the economic system. resting upon a full-distributional framework, this paper studies the information spillover between multiple uncertainties related to the energy transition and its association with economic

demand for critical raw materials is on the rise, largely due to the energy transition. as demand increases, so do concerns about cartelization attempts, in which some mining countries might organize to control the market by eliminating competition among producers. this would reduce output and thereby force up prices. quantifying the potential profits of cartelization for specific minerals will help

the rapid growth of the new energy vehicle industry has increased the challenge of recycling retired batteries. while blockchain technology holds potential for improving battery recycling, its role in reducing costs, stimulating demand, and raising recycling rates remains underexplored. this study examines how blockchain can enhance closed-loop supply chains by analyzing a stackelberg differential