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on Macroeconomics |
| By: | Martin Wolf; Luca Fornaro |
| Abstract: | We provide a macroeconomic framework to study monetary and fiscal policies for AI. Advances in AI expand firms' ability to automate production. While higher automation boosts productivity and potential output, it also reduces workers' share of income. Since workers have a high propensity to consume, advances in AI may depress aggregate demand and lead to a slump. Expansionary monetary policy can convert an AI slump into an AI boom, but in doing so it faces two challenges. In the short run, AI worsens the inflation-employment trade off faced by the central bank. In the medium run, monetary policy may be constrained by the zero lower bound, since weak demand lowers the natural rate. Employment subsidies and cuts in labor taxes can usefully complement monetary policy, by reducing firms' cost of labor and inflation, as well as supporting workers' income and aggregate demand. |
| Keywords: | AI, artificial intelligence, automation, endogenous productivity, inflation, liquidity traps, monetary policy, wages |
| JEL: | E32 E43 E52 O31 O42 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:bge:wpaper:1576 |
| By: | Luca Benati; Juan Pablo Nicolini |
| Abstract: | Modern analysis of the welfare effects of monetary policy is based on moneyless models and therefore ignores the effect of inflation on the efficiency of transactions. A justification for this strategy is that these welfare effects are quantitatively very small, as argued by Ireland (2009). We revisit Ireland’s result using recent data for the United States and several other developed countries. Our computations are influenced by the experience of very low short-term rates observed since Ireland’s work in the countries we study. We estimate the welfare cost of a steady state nominal interest rate of 5% to be at least one order of magnitude higher than in Ireland (2009), which questions the validity of performing monetary policy evaluation in cashless models. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:udt:wpecon:2025_10 |
| By: | Soomro, Zainab; Siddiqui, Danish Ahmed |
| Abstract: | The study explored how customers' inclination toward different religious intentions affects their intention to adopt Green Banking. We proposed the sources of intentions behind religious commitment namely 1. Ideological, 2. Ritualistic, 3. Intellectual, 4. Consequential, and 5. Experimental affect consumer intention through increasing consumer eco-consciousness. We also contend that Security and Privacy augment these effects in a way that a higher level of security would make the effect of these sources on consumer eco-consciousness more pronounced. Moreover, the effect of eco-consciousness on green banking is augmented by Customer Awareness and System Quality. The target population for this research was green banking consumers in Karachi, Pakistan, with 311 responses collected using a non-probability purposive sampling technique. Data analysis was conducted using PLS-SEM. The results have shown that consumer eco-consciousness significantly affects consumer intention to adopt green banking, whereas the intellectual dimension has a positive and significant effect on eco consciousness. Hence Consumer eco-consciousness mediates the relationship between the intellectual dimension and consumer intention to adopt green banking. The moderation effect showed a significant positive complementarity of systems quality in the effect of eco consciousness on green banking. Managers should focus on enhancing consumer eco consciousness and system quality, as these significantly influence the intention to adopt green banking while ensuring security, privacy, and customer awareness are prioritized in a way that supports green banking adoption. |
| Keywords: | Religious Commitment, Eco-Consciousness, Technology Acceptance Model, Theory of Planned Behavior, Green Banking. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:341023 |
| By: | Sally Dubach |
| Abstract: | The literature on rational asset price bubbles has grown substantially, yet its internal logic is difficult to trace without reading across a large and technically demanding body of work. This paper provides a guide to the literature on rational asset price bubble theory, tracing its evolution from early overlapping generations models to environments with financial frictions, infinitely lived agents, and dividend-paying assets. Two mechanisms consistently sustain rational bubbles across these frameworks. The first is resale: investors buy above fundamental value, expecting to sell to subsequent buyers. The second is savings pressure that pushes the bubbleless equilibrium interest rate below the economy’s growth rate. Despite substantial theoretical progress, a gap remains between theoretical insights and the frameworks policymakers need. |
| Keywords: | Rational bubbles; asset prices; dividend-paying assets |
| JEL: | E12 E44 G12 D84 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:ube:dpvwib:dp2604 |
| By: | Tariq, Yasarat; Siddiqui, Danish Ahmed |
| Abstract: | Green procurement integrates environmental considerations into purchasing decisions, aiming to minimize negative ecological impacts throughout a product’s lifecycle. Despite increasing global attention to sustainability, the pharmaceutical sector in Karachi has been slow to adopt such practices due to barriers like limited awareness, insufficient regulatory pressure, and perceived high costs. This study investigates the factors influencing the adoption of green procurement practices in the pharmaceutical industry of Pakistan. The research identifies and evaluates both internal factors—such as top management support, ICT infrastructure, and supplier management—and external influences including regulatory policies, customer expectations, competitive pressure, and societal norms. We infer that External factors influence internal factors which in turn effect the adoption of adoption of Green procurement. And this will ultimately lead to better suppliers performance. We also contend that the effect of internal factors on green procurement is moderated by operational cost in a way that higher operating costs will weaken the of these factors on green procurement. Empirical validity was established by conducting a survey using close ended questionnaire. Data was collected from 85 respondents and analyzed using confirmatory factor analysis and structured equation modeling. The findings reveal that top management support, customer demand, societal pressure, ICT Infrastructure, and operational cost considerations significantly drive the adoption of green procurement in the pharmaceutical industry, whereas regulatory policies, competition, and supplier management practices were found to be less influential. The results also highlight a mediation effect, whereby external factors such as customer demands, societal expectations, and regulatory frameworks indirectly influence green procurement adoption through internal organizational capabilities, including leadership commitment, ICT infrastructure, and regulatory compliance mechanisms. For instance, strong customer demand and societal pressure encourage top management support and ICT investment, which in turn foster sustainable procurement adoption. Furthermore, the study identifies a moderation effect of operational cost, indicating that the relationship between internal drivers (e.g., top management support, ICT infrastructure) and green procurement adoption is influenced by the cost burden; high operational costs can weaken this relationship, whereas manageable costs can strengthen it. Ultimately, adopting green procurement practices leads to improved supplier performance and supports global Sustainable Development Goals (SDGs), particularly SDG 3 (Good Health and Well-Being), SDG 9 (Industry, Innovation, and Infrastructure), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action), thus promoting responsible consumption, climate action, and sustainable industrial growth. These findings provide valuable insights and practical recommendations for pharmaceutical firms and policymakers in Karachi to design targeted strategies that enhance organizational Infrastructure while addressing cost-related barriers to sustainability. |
| Keywords: | Green Procurement, Pharmaceutical Industry, Sustainable Development Goals (SDGs), Cost, Top Management Support, ICT Infrastructure, Management Practices, Policies, Pressure, Customer Demand, Environmental Sustainability, Resource-Based View (RBV), Procurement Strategy |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:341041 |
| By: | Gerdie Everaert (-) |
| Abstract: | Local projections (LPs) are a widely used method for estimating impulse responses. While LP estimators are consistent as the number of time periods T tends to infinity under standard conditions, they exhibit non-negligible bias in finite samples. This bias is particularly relevant in panel data settings, where the number of individuals N may be large but T relatively small. In this paper, we derive an analytical expression for the incidental-parameters bias in the LP estimator with individual fixed effects. We show that this bias exhibits a non-monotone pattern across the projection horizon: it increases at intermediate horizons, where it can substantially exceed the standard dynamic panel bias even for moderate T, before declining at longer horizons. We propose an iterative bias-correction procedure that, when suitably initialized, effectively eliminates the incidental-parameters bias across the entire projection horizon. |
| Keywords: | Local projections, panel data, fixed effects, incidental parameters bias, bias correction |
| JEL: | C32 C33 C13 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:rug:rugwps:26/1145 |
| By: | Shaheen, Susan; Wolfe, Brooke; Cowan, Greer; Cohen, Adam; California Resilient and Innovative Mobility Initiative; University of California, Institute of Transportation Studies |
| Abstract: | The Mobility 10x Summit convened more than 200 leaders from state agencies, regional governments, academia, and industry to accelerate California’s transition toward a more resilient, equitable, and sustainable transportation system. As the capstone event of the Resilient and Innovative Mobility Initiative (RIMI)—a four‐year UC ITS research effort launched in 2021—the summit synthesized extensive research and practitioner insights across ten priority transportation topics, ranging from public transit to automation and carbon-neutraltransportation to equity, safety, and resilience.Across the opening and closing plenary discussions and nine breakout sessions, participants examined the structural challenges facing California’s transportation system: declining gas tax revenues, climate‐driven infrastructure damage, uneven public transit ridership recovery, inequitable access to mobility options, and rapid technological change. These challenges are converging at a moment when California must simultaneously meet ambitious climate goals, modernize its transportation funding model, and ensure that mobility systems work for all communities. |
| Keywords: | Engineering, Social and Behavioral Sciences |
| Date: | 2026–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsrrp:qt95f869cp |
| By: | Arthur Apostel (-) |
| Abstract: | The Belgian wealth transfer tax system stands out internationally by the large wedge between inheritance and gift tax rates, even shortly before death. I document an increased use of gifts at the top of the distribution, thereby rendering the wealth transfer tax system regressive at the very top despite highly progressive inheritance tax rates. I further analyze the wealth transfer distribution by gender, age, region, and education. The research is based on 2009-2022 administrative inheritance tax data with full population coverage, linked to gift tax microdata, census data, and national registry data. I compare the administrative transfer flows to HFCS survey data, finding substantial undercoverage in HFCS data. This finding suggests caution in interpreting survey-based estimates of wealth transfer flows. |
| Keywords: | Inheritance, gift, wealth transfer, inequality, Belgium |
| JEL: | D3 G5 H2 N3 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:rug:rugwps:26/1144 |
| By: | Eric Engstrom |
| Abstract: | In January 2012, the Federal Reserve began publishing the Summary of Economic Projections (SEP) "dot plot, " revealing FOMC participants' projections for the federal funds rate. This paper documents a dual role for SEP projections in the formation of private interest-rate expectations. On one hand, SEP projections contain valuable information, achieving lower forecast errors than consensus surveys, VAR models, and several market-based measures at many horizons. Because the SEP is informative, some reliance on it by private forecasters is natural. On the other hand, because the SEP is updated only quarterly, SEP projections that are useful when released can become stale between updates. If private forecasts continue to place excessive weight on those earlier projections, they may respond too slowly to newly arriving information. Consistent with this prediction, survey forecast errors-and, to a weaker extent, market-based forecast errors-are systematically related to the gap between current expectations and lagged SEP projections, even after controlling for macroeconomic conditions, risk premia, and other predictors of forecast errors. The findings imply that official guidance can simultaneously improve average forecast accuracy while reducing the speed with which new information is incorporated into expectations. |
| Keywords: | anchoring bias; monetary policy expectations; Federal Reserve communications; forecast efficiency; dot plot; term structure |
| JEL: | E43 E47 E52 E58 G12 G14 |
| Date: | 2026–05–14 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfe:103336 |
| By: | Jin Seo Cho (Yonsei University); Peter C. B. Phillips (Yale University, University of Auckland & Singapore Management University) |
| Abstract: | In GMM estimation it is well known that if the number of moment conditions grows with the sample size, GMM asymptotics differ from the standard case with moment size fixed as the sample size tends to infinity. The present work explores infinite dimensional GMM estimation under various conditions on the moment conditions and the weight matrix. Our approach employs a partial sum process formed by the moment conditions to represent high dimensional moments and an invariance principle to capture the infinite dimensional asymptotics as the moment size grows. Next, the GMM weight matrix is assumed to converge to one of two kernels at the limit: a continuous kernel or the Dirac delta function. Combining these different conditions enables development of a large sample theory for most efficient GMM estimation. The effects of permuting the moment conditions on GMM efficiency are also explored. The resulting theory is applied to weak instrumental variable estimation and the Angrist and Krueger(1991) data are re-analyzed in an empirical application of the new methods. |
| Keywords: | Infinite dimensional GMM; Invariance principle; Neumann’s series expansion; Stochastic integral; Weak IV, 2SLS. |
| JEL: | C13 C18 C36 C55 E24 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:yon:wpaper:2026rwp-289 |
| By: | Luca Zamparelli (Department of Social Sciences and Economics, Sapienza University, Italy) |
| Abstract: | This paper develops a growth model that integrates automation, conceptualized as a distinct form of "automation capital", into a Classical–Marxian framework characterized by an institutionally given real wage and an endogenous labor supply. Automation capital and labor are perfect substitutes, while the two are perfect complements with traditional capital. Capitalists allocate savings between investment in traditional and automation capital. Below a critical investment share in automation, the economy converges to a balanced growth path, characterized by stable income distribution and a negative relationship between automation and the labor share. Beyond it, the economy tends toward full automation and a null wage share. Automation’s effect on growth is regime-dependent: it accelerates growth under high wages but retards it under low wages. Consequently, profit-maximizing capitalists with an infinite horizon choose full automation under high wages and none under low wages. With a finite horizon in a low-wage regime, they may adopt limited automation, trading immediate distributional gains against long-run growth. A strategic union, valuing both wages and employment growth, will set a low wage to preempt full automation, leading to an equilibrium with partial or no automation depending on the capitalists’ planning horizon. |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2604 |
| By: | Silvia Erendira Munoz Ortiz (Centro Internacional de Investigacion de la Economia Social y Solidaria (CIIESS), Universidad Iberoamericana Ciudad de Mexico); Lizette Gutierrez Melendez (Maestria en Creacion y Desarrollo de Empresas Sociales y Solidarias, CIIESS, Universidad Iberoamericana Ciudad de Mexico); Abraham Moises Reyes (GEOLab- Departamento de Economia, Universidad Iberoamericana Ciudad de Mexico); Chigeira de la Rosa (Licenciatura en Economia, Universidad Iberoamericana Ciudad de Mexico); Isidro Soloaga (Departamento de Economia, Universidad Iberoamericana Ciudad de Mexico); Jose Alberto Gallardo (CENTRUS, Universidad Iberoamericana Ciudad de Mexico) |
| Abstract: | Este documento de trabajo presenta los aprendizajes metodologicos derivados de una experiencia de investigacion interdisciplinaria con incidencia social realizada en la comunidad maya de Holca, Yucatan. A lo largo de tres estancias de campo, un equipo conformado por investigadores de economia, ecologia, geografia, antropologia, comunicacion y politicas publicas acompano a un grupo de nueve mujeres emprendedoras en el proceso de reactivar la meliponicultura como practica biocultural y alternativa economica. La herramienta articuladora del proceso fue el analisis geoespacial mediante drones, que no opero como sustituto del conocimiento local sino como dispositivo de dialogo territorial. El resultado central del proyecto fue la toma de decision colectiva sobre la ubicacion optima del meliponario, que se instalara durante el presente ano. El articulo argumenta que la co-creacion interdisciplinaria, cuando esta anclada en los saberes locales y mediada por tecnologias accesibles, puede generar procesos de gobernanza territorial con impacto real en las condiciones de vida comunitaria. |
| JEL: | O13 Q01 Q57 Z13 I30 |
| Date: | 2026–05–20 |
| URL: | https://d.repec.org/n?u=RePEc:smx:wpaper:2026003 |
| By: | Clément Peruyero (UP1 - Université Paris 1 Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | To what extent does growing up in a precarious situation during adolescence affect life courses? Using an innovative indicator of precariousness constructed from the Statistics on Resources and Living Conditions (SRCV-Statistiques sur les ressources et conditions de vie) survey, which assesses both the individual's living conditions and the household's financial situation during adolescence, this article examines the burden of the transmission of poverty in France. 13% of people declare that they experienced poverty during their teenage years. Once adults (which we restrict in the study to the 30 to 54 age group), their characteristics are on average much less favourable than those who have not experienced precariousness. This unfavourable situation is found in terms of standard of living, although there is some heterogeneity in the trajectories: while nearly one out of three former adolescents in precarious situations has a standard of living in the lowest 20% when they reach adulthood, about 30% of them are in the highest 40%. In 2019, almost one out of four precarious former teenagers who have become adults is considered to be poor 'in terms of living conditions', as opposed to approximately one out of ten of non-precarious former teenagers, i.e. the risk of poverty is 2.25 times higher. Given a comparable family environment during adolescence (parents' level of education, migrant background, type of household, etc.), the risk of poverty remains 1.6 times higher. The penalty associated with having experienced 'precarious adolescence' is of the same scale in terms of chronic poverty, measured by remaining poor in terms of living conditions for three years in a row. The reproduction of poverty is more marked for women: as a result, a woman who experienced precariousness as a teenager is 1.9 times more likely to be living in poverty as an adult than a woman who did not experience this situation. Differences in educational pathways between poor and non-poor teenagers account for some of these differences. Assuming a comparable family environment during adolescence, former adolescents in precarious situations are slightly more than 1.5 times more likely to leave school without a qualification. Among women, the reproduction of poverty can also be explained by differences in family structures in adulthood. For a comparable family environment during adolescence, former teenage girls living in poverty are 1.4 times more likely to live in a single-parent household in adulthood. |
| Abstract: | Dans quelle mesure grandir dans une situation de précarité à l'adolescence affecte les parcours de vie ? D'après un indicateur original de précarité construit à partir de l'enquête Statistiques sur les ressources et conditions de vie (SRCV), qui évalue à la fois les conditions de vie de l'individu et la situation financière de son foyer durant son adolescence, nous examinons le poids de la transmission de la pauvreté en France. 13 % des personnes déclarent avoir connu une situation de précarité à l'adolescence. Une fois adultes (que nous restreignons dans l'étude à la tranche de 30 à 54 ans), elles présentent des caractéristiques en moyenne bien moins favorables que celles qui n'ont pas connu cette situation. Ce désavantage se retrouve en termes de niveau de vie, bien qu'il existe une certaine hétérogénéité dans les trajectoires : si près d'un ancien adolescent précaire sur trois a un niveau de vie parmi les 20 % les plus faibles à l'âge adulte, 30 % se situent parmi les 40 % les plus aisés. En 2019, parmi les anciens adolescents précaires devenus adultes, presque un sur quatre est pauvre « en conditions de vie », contre environ un sur dix chez les anciens adolescents non précaires, soit un risque de pauvreté 2, 25 fois plus élevé. À environnement familial comparable à l'adolescence (niveau de diplôme des parents, origine migratoire, type de ménage, etc.), le risque de pauvreté reste toujours 1, 6 fois plus élevé. La pénalité liée au fait d'avoir connu la « précarité adolescente » est de même ampleur en termes de pauvreté chronique, mesurée par le fait de rester pauvre en conditions de vie trois années d'affilée. La reproduction de la pauvreté est plus marquée pour les femmes : une femme ayant connu la précarité à l'adolescence a ainsi 1, 9 fois plus de risque d'être pauvre en conditions de vie à l'âge adulte qu'une femme n'ayant pas connu cette situation. Une partie de ces écarts s'explique par les différences de parcours éducatifs entre anciens adolescents pauvres et non pauvres. Les sorties sans diplôme sont, à environnement familial comparable à l'adolescence, un peu plus de 1, 5 fois plus fréquente pour les anciens adolescents précaires. Chez les femmes, la reproduction de la pauvreté s'explique aussi par des différences de configurations familiales à l'âge adulte. Les anciennes adolescentes précaires ont ainsi, à environnement familial comparable à l'adolescence, 1, 4 fois plus de risque de vivre à l'âge adulte dans un ménage monoparental. |
| Keywords: | Intragenerational inequality, Economics education, Poverty Trap, Social mobility, Equality of Opportunity, Intergénérationnelle, Mobilité sociale, Economie de l'éducation, Pauvreté chez les jeunes, Pauvreté / poverty |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-05609202 |
| By: | International Monetary Fund |
| Abstract: | Gains from the reform program enabled a swift response to Cyclone Ditwah and the Middle East conflict, and helped preserve economic resilience. The final year of the Extended Fund Facility program focuses on consolidating gains and strengthening growth foundations. Uncertainties from the Middle East conflict and global trade policy have increased downside risks to macroeconomic and social stability. |
| Date: | 2026–05–27 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfscr:2026/111 |
| By: | International Monetary Fund |
| Abstract: | 2026 Selected Issues |
| Date: | 2026–05–15 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfscr:2026/100 |
| By: | Huaxia Zhou (Max Planck Institute for Demographic Research, Rostock, Germany); Aliakbar Akbaritabar (Max Planck Institute for Demographic Research, Rostock, Germany); Mengyi Sun; Emilio Zagheni (Max Planck Institute for Demographic Research, Rostock, Germany); Luis A. Nunes Amaral |
| Abstract: | A nation’s scholarly enterprises can be impacted by external geopolitical factors. To investigate such impacts, we study the natural experiment that occurred within Germany, whose territory was partitioned following World War II and then reunified in 1990. We use data from journal publications and regional economic indicators to investigate the trajectories of scholarly activity in both East and West German regions over the past 60 years. As a control for any observed changes in Germany, we also consider the scholarly output of two comparable countries, Austria and Switzerland. We find that East and West German research organizations were able to recover from the impact of the war in a similar manner. We also find that reunification and control of the scholarly enterprise by West Germany altered the scholarship focus of East German institutions. At the institutional level, we find strong evidence of the Matthew effect for institutions in West Germany, but less so for East German institutions. These findings demonstrate both the resilience of strong scholarly enterprises to shocks and the fact that scholarly enterprise can be remodeled over the span of a decade. Our findings offer sobering warnings about the impact of ongoing changes in the US scholarly enterprise. |
| JEL: | J1 Z0 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:dem:wpaper:wp-2026-026 |
| By: | Bukhari Sillah (Islamic Development Bank and MS Research Hub) |
| Abstract: | This research paper examines the implications of China's zero import tariff policy on African member countries of the Islamic Development Bank (IsDB), effective from May 1, 2026. The policy aims to enhance Africa-China trade by removing tariffs on imports from 53 African countries, potentially shifting trade patterns towards higher value-added exports. While countries like Morocco, Nigeria, and Tunisia are projected to see significant gains, structural constraints may limit benefits for others. The policy is expected to foster inclusive growth and job creation, benefiting women and youth. However, challenges such as logistics bottlenecks and product compliance issues need addressing. Long-term strategies should focus on upgrading industrial capabilities and diversifying exports to enhance trade balances and promote sustainable growth. |
| Keywords: | Trade; Energy |
| Date: | 2026–05–30 |
| URL: | https://d.repec.org/n?u=RePEc:ris:msrwps:022605 |
| By: | Dhruv, Dhruv Tyagi |
| Abstract: | India's tiger population has recovered substantially since the launch of Project Tiger in 1973. As per the All-India Tiger Estimation (2022), India's tiger population is estimated at 3, 682 individuals (range: 3, 167–3, 925), reflecting an approximate annual growth rate of around 6% and representing one of the world's most celebrated conservation recoveries. Madhya Pradesh alone hosts 785 tigers across six reserves. This paper asks whether the communities living adjacent to these reserves have shared in the gains. Using district-level data from the National Family Health Survey matched to reserve boundaries across all 51 districts of Madhya Pradesh, I compare welfare outcomes in buffer-zone districts against non-adjacent districts within the same state. Buffer districts display significantly higher child stunting (+5.2 percentage points), lower sanitation access (−10.0 pp), lower use of clean cooking fuel (−9.6 pp), and lower rates of institutional delivery (−5.6 pp). A Difference-in-Differences design exploiting the NFHS panel reveals that stunting declined 9.0 pp less in buffer districts between 2015–16 and 2019–21 relative to comparable districts, suggesting that the rest of Madhya Pradesh improved faster than its conservation frontier. A propensity-score falsification test confirms this divergence is specific to reserve-adjacent communities and is not an artefact of regional demographic variation. These findings are consistent with forest-dependency constraints, restricted land use, and unequal access to public services in buffer zones, and raise the question of whether India's conservation dividend is being distributed equitably. |
| Keywords: | tiger conservation, buffer zones, child nutrition, Difference-in-Differences, India, protected areas |
| JEL: | I15 O18 Q23 Q56 |
| Date: | 2026–04–01 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:129057 |
| By: | Maurice Bun; Eric Cuijpers |
| Abstract: | We study the heterogeneous relationship between bank capital ratios, capital requirements, bank lending and loan pricing using data on portfolios and bank characteristics for a sample of large European banks in the period 2014-2025. Exploiting dynamic panel data models with parameter heterogeneity, we relate time-varying bank capital ratios and bank capital requirements to portfolio exposures and loan rates. We establish a pattern of differentiated deleveraging whereby higher capital ratios are associated with smaller portfolio sizes, but only for high-risk portfolios and banks with low leverage ratios. On the pricing side, higher capital requirements are associated with only a small increase in portfolio loan rates. The empirical evidence suggests that, once banks are adequately capitalized, capital requirements can be varied without causing substantial changes in bank loan supply and loan pricing. |
| Keywords: | Bank lending; capital ratio; capital requirement; loan pricing; panel data model |
| JEL: | C23 C54 G21 G28 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:dnb:dnbwpp:862 |
| By: | Lorie Logan |
| Abstract: | Dallas Fed President Lorie Logan delivered these remarks at the Bank of Japan Institute for Monetary and Economic Studies Conference in Tokyo. |
| Keywords: | monetary policy; imbalances |
| Date: | 2026–05–27 |
| URL: | https://d.repec.org/n?u=RePEc:fip:feddsp:103349 |
| By: | Cansi, Muhammet Ali; Karademir, Serkan; Yucel, Mustafa Eray |
| Abstract: | This paper presents an empirical investigation of the recent evolution of mathematics scores of Economics, Management, Political Science, International Relations, and Psychology bachelor’s program entrants in Türkiye for the period of 2019-2024. The estimates underscore the heterogeneous impacts of COVID-19 on mathematical aptitude measured by the university entrance exam performances of students. Heterogeneities across exam types along with uniformity across programs provide insights to inform post-pandemic educational policy and future exam design. |
| Keywords: | Mathematical aptitude; Higher education; COVID-19; Distant education; Türkiye. |
| JEL: | A22 C21 C51 |
| Date: | 2026–02–11 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128021 |