Review: Volume 31 - Economics

Review: Volume 31 - Economics

Those of us who are dissatisfied with the analyses of the financial-economic meltdown of 2008 that attribute it to easily remediable amistakesa on the part of financial institutions, regulators, or policy-makers can learn a lot from John Bellamy Foster and Fred Magdoffas The Great Financial Crisis: Causes and Consequences. Foster and Magdoff follow up the theses of Paul Sweezy, Paul Baran, and Harry Magdoff that diagnose the structural problems of U.S. capitalism in its chronic tendency toward stagnation rooted in inadequate business investment and leading to slow growth, unemployment of labor, and low utilization of capital. This book makes the case that the excesses of financialization and the widening inequality of income distribution are themselves indirect effects of stagnation in the real economy, and explains with sobering clarity why the roots of this crisis may turn out to be deep and difficult to address with conventional policy measures.

Economics of Education Review

Economics of Education Review publishes research on education policy and finance, human capital production and acquisition, and the returns to human capital. We accept empirical, methodological and theoretical contributions, but the main focus of Economics of Education Review is on applied studies that.

Economics of Education Review publishes research on education policy and finance, human capital production and acquisition, and the returns to human capital. We accept empirical, methodological and theoretical contributions, but the main focus of Economics of Education Review is on applied studies that employ micro data and clear identification strategies. Our goal is to publish innovative, cutting-edge research on the economics of education that is of interest to academics, policymakers and the public.

Starting with papers submitted March 1, 2014, the review process for articles submitted to the Economics of Education Review will no longer be double blind. Authors are requested to include a title page with authors' names and affiliation. Reviewers will continue to be anonymous.

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Mark Koyama

Persecution and Toleration: The Long Road to Religious Freedom ” with Noel D. Johnson. Cambridge University Press, April 2019 [Order at Amazon and Cambridge University Press] [Website][Podcast]

Religious freedom has become an emblematic value in the West. Embedded in constitutions and championed by politicians and thinkers across the political spectrum, it is to many an absolute value, something beyond question. Yet how it emerged, and why, remains widely misunderstood. Tracing the history of religious persecution from the Fall of Rome to the present-day, Noel D. Johnson and Mark Koyama provide a novel explanation of the birth of religious liberty. This book treats the subject in an integrative way by combining economic reasoning with historical evidence from medieval and early modern Europe. The authors elucidate the economic and political incentives that shaped the actions of political leaders during periods of state building and economic growth.

'A profound new argument about the relationship between political power and religion in the making of the modern world. If you want to know where the liberty you currently enjoy, for now, came from, this is the book to read.'

James Robinson, Richard L. Pearson Professor of Global Conflict, University of Chicago

'Johnson and Koyama investigate the fascinating intersection of the state and religion in late medieval and early modern Europe. Rather than enduring patterns of religious toleration or persecution, of liberty or tyranny, they tell a rich history of change and variation in rules, institutions, and societies. This is an important and persuasive book.'

John Joseph Wallis, Mancur Olson Professor of Economics, University of Maryland, College Park

'Lucidly written, incisively argued, this book shows how religious toleration emerged not only from ideas, but also from institutions which motivated people - especially the powerful - to accept and act on those ideas. A brilliant account of early modern Europe's transition from identity-based privileges to open markets and impartial governance.'

Sheilagh Ogilvie, University of Cambridge

'This analysis of the historical process underlying the modern state formation is a fantastic scholarly accomplishment. The implications for the present, in terms of the risks associated to the loss of the core liberal values of modern western states, will not be lost to the careful reader.'

Alberto Bisin, New York University


The state, religion, and freedom: a review essay of Persecution & toleration ” Review of Austrian Economics, by Metin Cosgel [Published Version] [PDF]

Religion and Discrimination: A Review Essay of Persecution and Toleration: The Long Road to Religious Freedom ” Journal of Economic Literature, by Sriya Iyer [AEA Preview]

A Review of Persecution and Toleration: The Long Road to Religious Freedom ” Journal of Economic History, by Eric Chaney [JEH]

A Review of Persecution and Toleration: The Long Road to Religious Freedom ” Public Choice, by Vincent Geloso [Public Choice]

A Review of Persecution and Toleration: The Long Road to Religious Freedom ” EH.Net, by Jared Rubin [EH.Net]

Current Working Papers

Shipwrecked by Rents ” with Fernando Arteaga and Desiree Desierto [Vox talks Podcast] [Vox Article] [SSRN][CEPR]

Fractured-Land and Political Fragmentation ,” with Jesús Fernández-Villaverde, Youhong Lin, and Tuan-Hwee Sng. [SSRN"][CEPR] [Long Presentation] [Short Presentation] Revisions Requested at the Quarterly Journal of Economics

The Political Economy of Status Competition: Sumptuary Laws in Preindustrial Europe ” with Desiree Desierto [SSRN] Revisions Requested at the Journal of Law and Economics

Pandemics, Places, and Populations: Evidence from the Black Death ” with Remi Jedwab and Noel D. Johnson [PDF] [SSRN]

Resisting Education ” with Jean-Paul Carvalho. [SSRN] [slides]

Published Papers

Seapower ” with Ahmed S. Rahman and Tuan-Hwee Sng ,” Journal of Historical Political Economy Volume 1, Issue 2. 2021. [SSRN]

The Institutional Foundations of Religious Freedom ,Journal of Economics, Management and Religion Volume 1, Issue 2. 2021. [SSRN] [Published Version]]

Medieval Cities Through the Lens of Urban Economic Theories ,” with Remi Jedwab and Noel D. Johnson Regional Science and Urban Economics [SSRN] [CEPR] [Published Version]

Health vs. Economy: Politically Optimal Pandemic Policy ” with Desiree Desierto Journal of Political Institutions and Political Economy [SSRN] [Published Version] Earlier versions [CEPR][COVID Economics, vol. 41]

The Economic Impact of the Black Death ” with Remi Jedwab and Noel D Johnson Journal of Economic Literature, Forthcoming [CEPR]

Negative Shocks and Mass Persecutions: Evidence from the Black Death ” with Remi Jedwab and Noel D Johnson Journal of Economic Growth, December 2019, Volume 24, Pages 345–395 [PDF] [Published Version]

Geopolitics and Asia's Little Divergence: A Comparative Analysis of State Building in China and Japan after 1850 ” with Chiaki Moriguchi and Tuan-Hwee Sng Journal of Economics Organization and Behavior, November 2018, Volume 155, Pages 178-204 [SSRN] [slides] [Video] Plague, Politics, and Pogroms: The Black Death, the Rule of Law, and the persecution of Jews in the Holy Roman Empire ” with Theresa Finley Journal of Law & Economics, May 2018, Volume 61, Issue 2, pp 253-277 [SSRN] [Published Version]

States and Economic Growth: Capacity and Constraints ” with Noel D. Johnson, Explorations in Economic History, April 2017, Volume 64, Issue 2, pp 1–20 [Published Version] [PDF]

Education, Identity and Community: Lessons from Jewish Emancipation ” with Jean-Paul Carvalho and Michael Sacks, Public Choice, April 2017, Volume 171, Issue 1, pp 119–143 [Published Version ][PDF]

Unified China Divided Europe ” with Chiu Yu Ko and Tuan-Hwee Sng International Economic Review, February 2018, Volume 59, Issue 1, pp 285-327 [Published Version] [SSRN] [Slate] [The Upshot] [slides]

Jewish Communities and City Growth in Preindustrial Europe ” with Noel D. Johnson, Journal of Development Economics, July 2017 Volume 127, pp 339-354 [Published Version ][SSRN]

Jewish Persecutions and Weather Shocks 1100-1800 ” with Warren Anderson and Noel D. Johnson Economic Journal, June 2017, Volume 127, Issue 602, pp 924-958 [Published Version ] [PDF] [ssrn] [VOX] [Foreign Policy] [Times of Israel] [Wired] [Tablet] [Israel Hayom] [Winner of RES prize for Best Paper Published in EJ in 2017]

Jewish Emancipation and Schism: Economic Development and Religious Change ” with Jean-Paul Cavalho Journal of Comparative Economics, August 2016, Volume 44, Issue 3, pp. 562–584 [PDF] [Published Version]

The Long Transition from a Natural State to a Liberal Economic Order ” International Review of Law and Economics, August 2016, Volume 47, , pp. 29–39 [PDF] [Published Version]

Monetary Stability and the Rule of Law ” with Blake Johnson. Journal of Financial Stability, April 2015, Volume 17, pp. 46-58. [PDF] [Published Version]

Taxes, Lawyers, and the Decline of Witchcraft Trials in France ” with Noel D. Johnson. Journal of Law and Economics, February 2014, Volume 57, Number 1, pp. 77-112 [PDF] [Washington Post] [Globe & Mail]

The Law & Economics of Private Prosecutions in Industrial Revolution EnglandPublic Choice March 2014, Volume 159, Number 1-2, pp. 277-298, [Published Version] [PDF]
Joint winner of the Tullock Prize for Best Paper Published in Public Choice by a junior scholar

Tax Farming and the Origins of State Capacity in England and France ” with Noel D. Johnson. Explorations in Economic History January 2014 , Volume 51, Number 1, pp. 1-20. [Published Version] [PDF]

Legal Centralization and the Birth of the Secular State ” with Noel D. Johnson. Journal of Comparative Economics November 2013, Volume 41, Number 4, pp. 959–978. [Published Version] [PDF] [slides] [NEP-HIS]

The Transformation of Labor Supply in the Pre-Industrial WorldJournal of Economic Behavior and Organization February 2012 , Volume 82, Number 2, pp. 505-523. [Published Version] [PDF][FT]

Prosecution Associations in Industrial Revolution England: Private Providers of Public Goods?Journal of Legal Studies January 2012 , Volume 41, Number 1, pp. 95-130. [Published Version] [PDF]

Evading the taint of usury: the usury prohibition as a barrier to entryExplorations in Economic History December 2010, Volume 47, Number 4, pp. 420-442. [Published Version] [PDF]

The political economy of expulsion: the regulation of Jewish moneylending in medieval EnglandConstitutional Political Economy December 2010, Volume 32, Number 4, pp. 374-406. [Published Version] [PDF]

Instincts and Institutions: The Rise of the Market ” with Jean-Paul Carvalho, Advances in Austrian Economics 2010, Volume 13, pp. 285-309. [Published Version] [PDF]

Book Chapters

Political Economy ” The Handbook of Cliometrics, edited by Michael Haupert and Claude Diebolt, Springer 2020. [Draft] [Published Version]

Economic History ” The Routledge Companion to Jewish History and Historiography, edited by Dean Phillip Bell, Routledge 2019. [PDF] [Link to purchase the book]

The State, Toleration, and Religious Freedom ” with Noel D. Johnson, Forthcoming in Iyer, Rubin and Carvalho (Eds.), Advances in the Economics of Religion, 2018, Palgrave. [ssrn]

Analytical Narratives ” An Economist's Guide to Economic History, edited by Matthias Blum and Christopher Colvin, pp 371-378 [Published Version] [Link to purchase the book]

Establishing a New Order: The Growth of the State and the Decline of Witch Trials in France ” with Noel Johnson and John V.C Nye in Institutions, Innovation, and Industrialization: Essays in Economic History and Development, edited by Avner Greif, Lynne Kiesling, and John V. C. Nye [SSRN][Amazon>]

Book reviews and Review Essays

A Review of Hilton L. Root's Network Origins of the Global Economy: East vs. West in a Complex Systems Perspective,,” Public Choice (2020). [Published Version]

A Review of Peer Vries’s Averting a Great Divergence: State and Economy in Japan, 1868-1937,EH.Net, May2020. Link]

A Review Essay of Escape from RomeThe Journal of Economic Literature , Forthcoming [SSRN] Preview]

A Review Essay on the European GuildsReview of Austrian Economics, March 2020, Volume 33, Pages 277–287
[SSRN] [Link]

A Review of Nicholas Crafts’s Forging Ahead, Falling Behind and Fighting Back: British Economic GrowthEconomic History Review Volume 72, Issue 2 May 2019 pp 774-775 [Link]

A Review of Daniel Ziblatt’s Conservative Parties and the Birth of Democracy,Journal of Economic History, Volume 78, Issue 2. pp.940-942. September 2018 [Link]

A Review of From Warfare to Wealth: The Military Origins of Urban Prosperity in Europe by Mark Dincecco and Massimiliano February 2018. [Link]

A Review of A Culture of Growth by Joel MoykrThe Independent Review Volume 22 Number 3. Winter 2018 [PDF] [Link]

A Review of WTF. An economic tour of the weird by Peter T. LeesonReview of Austrian Economics March 2019, Volume 32, Issue 1, pp 81–84 [Link] [PDF]

A Review of Economic History of Warfare and State Formation by Jari Eloranta, Eric Golson, Andrei Markevich, and Nicholas September 2017. [Link]

A Review of The Great Leveler: Violence and the History of Inequality From the Stone Age to the Twenty-First Century by Walter SchiedelPublic Choice Volume 172, Issue 3–4, pp 545–548. September 2017 [Link] [PDF]

A Review of Ultrasociety by Peter TurchinJournal of Bioeconomics, Volume 18, Issue 3, pp 239–242. October 2016 [Link] [PDF]

A Review of The Rise of Market Society in England 1066-1800 by Christine EisenbergJournal of Economic History, Vol 72, 3, pp. 931-933. September 2015 [JEH] [PDF]

A Review of the History Manifesto by Jo Guldi and David ArmitageJournal of Economic History, Vol. 75, 2, pp. 584-587. June 2015 [Link][SSRN] [PDF]

A Review of Rationalism, Pluralism, and FreedomPublic Choice, Vol. 163, N. 3, pp/ 409-412, May 2015 [PDF]

Preindustrial Cliometrics: A Review Article.Economic Affairs Vol. 33, 2, pp. 268-279 2013 [Link] [PDF]

Review of Timur Kuran’s The Long DivergencePublic Choice Vol. 154, Issue 3-4, pp 341-343 March 2013 [Link]

Review of Douglas W. Allen’s The Institutional [Link]

Review of James K. Galbraith’s The Predator State.Economic Affairs Vol. 29, 1 March, 2009 [Link]

I am an associate professor in economics at George Mason University.

I am also a Research Fellow at the Center for Economic Research and Policy (CEPR), a member of the F.A. Hayek Progam in PPE at GMU, and a senior scholar at the Mercatus Center. I was the W. Glenn Campbell and Rita Ricardo Campbell National Fellow at the Hoover Institution at Stanford University during 2017-18.

My Google Scholar page is here

Born and educated in the UK, I received my DPhil (PhD) in economics from the University of Oxford. My main research interests lies in economic history. My recent work explores the rise of religious toleration in early modern Europe and comparative state development.

My book with my colleague Noel D. Johnson, Persecution and Toleration: The Long Road to Religious Freedom was published Cambridge University Press in 2019 and is available at Amazon and Cambridge University Press.

The Long Road to 1989 : Neoclassical Economics, Alternative Socialisms, and the Advent of Neoliberalism

Johanna Bockman The Long Road to 1989 : Neoclassical Economics, Alternative Socialisms, and the Advent of Neoliberalism . Radical History Review 1 January 2012 2012 (112): 9–42. doi:

This article examines three events that have reinforced misunderstandings about neoclassical economics, socialism, and neoliberalism: the socialist calculation debate, economic reforms in socialist Eastern Europe, and 1989. In contrast to assumptions that neoclassical economics is capitalist, this article reveals that, since the nineteenth century, neoclassical economists have used an abstract socialist state to develop their professional knowledge. Since a centralized socialist state and a competitive market lie at the core of neoclassical economics, neoclassical economists find a range of socialisms — not merely centrally planned socialism — directly relevant to their professional work. Since the late nineteenth century, socialist economists have also used neoclassical economics not only as a way to describe the economy or make predictions but also as a blueprint for a future socialist society. Economists critical of authoritarianism created alternative democratic and market socialist models based on neoclassical economics. With these histories, this article provides a new explanation of the economic debates around 1989, demonstrating that these debates were not about planning versus markets but rather about authoritarianism versus economic and political democracy.


No one has ever succeeded in neatly defining the scope of economics. Many have agreed with Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”—ignoring the fact that sociologists, psychologists, and anthropologists frequently study exactly the same phenomena. In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses.” In other words, Robbins said that economics is the science of economizing. While his definition captures one of the striking characteristics of the economist’s way of thinking, it is at once too wide (because it would include in economics the game of chess) and too narrow (because it would exclude the study of the national income or the price level). Perhaps the only foolproof definition is that attributed to Canadian-born economist Jacob Viner: economics is what economists do.

Difficult as it may be to define economics, it is not difficult to indicate the sorts of questions that concern economists. Among other things, they seek to analyze the forces determining prices—not only the prices of goods and services but the prices of the resources used to produce them. This involves the discovery of two key elements: what governs the way in which human labour, machines, and land are combined in production and how buyers and sellers are brought together in a functioning market. Because prices of the various things must be interrelated, economists therefore ask how such a “price system” or “market mechanism” hangs together and what conditions are necessary for its survival.

These questions are representative of microeconomics, the part of economics that deals with the behaviour of individual entities such as consumers, business firms, traders, and farmers. The other major branch of economics is macroeconomics, which focuses attention on aggregates such as the level of income in the whole economy, the volume of total employment, the flow of total investment, and so forth. Here economists are concerned with the forces determining the income of a country or the level of total investment, and they seek to learn why full employment is so rarely attained and what public policies might help a country achieve higher employment or greater price stability.

But these examples still do not exhaust the range of problems that economists consider. There is also the important field of development economics, which examines the attitudes and institutions supporting the process of economic development in poor countries as well as those capable of self-sustained economic growth (for example, development economics was at the heart of the Marshall Plan). In this field the economist is concerned with the extent to which the factors affecting economic development can be manipulated by public policy.

Cutting across these major divisions in economics are the specialized fields of public finance, money and banking, international trade, labour economics, agricultural economics, industrial organization, and others. Economists are frequently consulted to assess the effects of governmental measures such as taxation, minimum-wage laws, rent controls, tariffs, changes in interest rates, changes in government budgets, and so on.

In February 1962, the Israeli government put in place a far-reaching economic liberalization reform. Had it been implemented as designed by the economists at the Bank of Israel and the Ministry of Finance, the plan could have dramatically changed Israel’s political-economic structure. Yet the plan’s actual implementation was limited and partial, with the result that economic liberalization was postponed for two further decades. This article examines the political dynamics through which Israeli economists tried to persuade political decision-makers to adopt the New Economic Policy and assesses the political obstructions that organized workers, employers, and the Ministry of Trade and Industry utilized in order to prevent its implementation. This analysis reveals the real yet limited political power that Israeli professional economists possessed in the 1960s, as well as the limits binding the power of the state with regard to organized economic interests.

ronen mandelkern is a Lecturer in Political Science at Tel Aviv University. Previously, he held Postdoctoral Fellowships at the Polonsky Academyat the Van Leer Jerusalem Institute and at the Max Planck Institute for the Study of Societies, Cologne. His main research fields are comparative political economy and international political economy, with a focus on economic liberalization processes in Israel and in other developed economies.

Review: Volume 31 - Economics - History

This is the archive of Economics: The Open-Access, Open-Assessment E-Journal covering all papers, articles and comments published from the e-journals start till August 2020. From September 2020 on, the journal is owned by the publisher De Gruyter. For further information please see here.

Economics was launched in March 2007 by the Kiel Institute for World Economy (IfW-Kiel) in cooperation with the ZBW - Leibniz Information Centre for Economics with former IfW-Kiel president Dennis Snower as founding editor. The vision was to follow the examples of e-journals in natural sciences and to provide an online-only journal dedicated to publishing high quality original research across all areas of economics regarding academic publishing as a cooperative enterprise between authors, editors, referees, and readers.

Journal Articles

Articles in Economics are Economics Discussion Papers – mostly revised versions – that have been accepted for publication as journal articles as result of the open peer review process. In the ongoing open assessment of published articles registered readers are asked to take part in the evaluation process by uploading comments.

Impact factor: 1.098 (2019) (Journal Citation Reports®, Clarivate Analytics, 2020)

Discussion Papers

The Economics Discussion Paper series contains all papers that have either been accepted or rejected from publication as journal articles.

Surveys and Overviews

Surveys and Overviews aim to integrate the analysis and lessons from various fields of economics with the aim of providing new insights, that are not accessible from any particular sub-discipline of economics. The contributions may include survey and review articles, provided that the broad perspective is maintained. They are addressed to a general audience interested in economic issues.

Policy Paper

Economics Policy Papers are concerned with the economic analysis of current policy issues. The analysis is rigorous, from a theoretical and empirical perspective, but the articles are written in nontechnical language appropriate for a broad spectrum of economic decision makers and participants in economic policy discussion.

Global Solutions Papers

Global Solutions Papers contain recommendations or visions for policy makers that deal with major global challenges. Recommendations are concrete proposals for policies or actions that policy makers can implement. Visions help policy makers think about appropriate ways of thinking about and approaching policy making and enable policy makers to communicate these approaches to the public. The articles are research-based and are written in nontechnical language appropriate for a broad spectrum of readers, including economic decision makers and participants in economic policy discussion.

Global Solutions Papers are reviewed only by an e-journal´s co-editor and/or by one outside reviewer at the editor's discretion. Apart from this, they undergo the regular open peer review process as all papers in the e-journal.


Replications are an important public good to the economics community, and as such, they tend to be under-valued. By opening a replications section in our open access, open assessment journal, we hope to make it easier for authors to provide this important public good.

Discounting the Long-Run Future and Sustainable Development

Editor: Phoebe Koundiri, Athens University of Economics and Business, Greece

The realization that actions taken today can have long-term consequences, presents a new challenge to decision makers in assessing the desirability of policies and projects, a challenge summarized as the goal of ‘sustainable development’. The use of the classical net present value (NPV) rule to assess the economic efficiency of policies with costs and benefits that accrue in the long term is problematic. The welfare of future generations barely influences the outcome of such a rule when constant socially efficient discount rates are used for all time. The deleterious effects of exponential discounting ensure that projects that benefit generations in the far distant future at the cost of those in the present are less likely to be seen as efficient, even if the benefits are substantial in future value terms. From the perspective of social choice, the present yields a dictatorship over the future. This is illustrated in the conclusion of the Copenhagen Consensus in which different public investment projects have been examined by a panel of prestigious economists. Using standard cost-benefit analysis, they ranked projects with distant benefits (e.g. global warming) at the lowest level of priority compared to programs yielding almost immediate benefits (e.g. fighting malaria and AIDS, and providing sanitation in developing countries).

Many countries (for example, France and the UK) have recently decided to reduce their discount rate, and to use smaller rates to discount costs and benefits occurring in the distant future. This tends to favor the distant future compared to projects with benefits occurring in the shorter term. Moreover, recent economic literature proposes the use of a discount rate which declines with time, according to some predetermined trajectory. In comparison with the use of a constant discount rate, using a declining discount rate raises the weight attached to the welfare of future generations. This special issue answers the following questions. What trajectory of interest rates is consistent with the goal of sustainable development and what are the policy implications of applying this optimal trajectory on climate change policy.

Reconstructing Macroeconomics

Editor: Masanao Aoki, University of California, and Hiroshi Yoshikawa, University of Tokyo

Having sound “micro foundations for macroeconomics” has been long taken as building sophisticated optimization of an individual economic agent into a macro model. Thus, the “micro-founded” macroeconomics today begins with optimization of the representative consumer. In stark contrast to this main-stream approach in economics, it is widely recognized in natural sciences such as physics, chemistry, biology, and ecology, that a different approach is necessary when we analyze macro system consisting of a large number of micro units. The guiding principle there is that precise behavior of micro unit is irrelevant we must resort to statistical approach to macro system as a whole. Why not in macroeconomics? The co-editors of the special issue advocated this idea in their book entitled Reconstructing Macroeconomics, Cambridge University Press, 2007.

We solicit papers that are intrinsically probabilistic, that is, based broadly on the principle of statistical physics. Key words such as power-law (Pareto-Zipf-Gibrat law), and econophysics may give you some idea.

We are particularly interested in knowing implications of the new stochastic approach, for macroeconomics, and how such approach is fruitfully integrated to macroeconomics. These are, however, just suggestions. Any other papers that incorporate significant probabilistic components are welcome.

Coping with Systemic Risk

Editor: Sheri Markose, University of Essex

Retaining the objectives of the 2011 Global Economic Symposium Panel on Coping with Systemic Risk, the Special Issue invites contributions that are prepared to 'think outside the box' in terms of providing solutions to monitoring and managing systemic risk. On taking a distinct view that systemic risk from excessive leverage is a negative externality analogous to environmental pollution, long term regulatory and institutional solutions are those that mitigate the misalignment between incentives at the individual level and system-wide stability. Financial or macro-economic instability come from excessive supply of private and/or public debt with both of them having a monetary counterpart. Without natural constraints on IOUs, except the willingness of counterparties to hold them, history is replete with attempts to place external constraints on money supply and debt. We are relearning that systemic risk in monetary and financial systems is inherent to a fractional monetary system, in which innovation-driven private credit creation is one for which tax payer is liable and central banks remain responsible.

The Knowledge-Based Society: Transition, Geography, and Competition Policy

Editor: Katharine Rockett, University of Essex

When a society becomes knowledge-based, it faces challenges on a variety of levels. How and why knowledge is produced and shared, where it is produced, how knowledge spillovers affect new knowledge creation and parameters of use, changes in strategic decision making in knowledge-based environments and how public policy can and should adapt all are crucial issues.

The special issue aims to provide empirical and theoretical analyses of issues relating to transition, geography, and competition policy in the knowledge-based economy. Surveys of the literature are welcomed along with original pieces of research. Topics can include but are not limited to management concerns, strategic decisions-making, innovation leadership, public policy issues including integration and corporate social responsibility, and macroeconomic trends. Work that incorporates interdisciplinary concerns along with economic modelling is welcome.

Meta-Analysis in Theory and Practice

Editor: Martin Paldam, Aarhus University, Denmark

Meta-analysis is a quantitative survey of a literature that reports estimates of the same parameter. In economics it is highly needed as the typical literature publishes a wide range of results, which often differ significantly. Also, economists often work in fields that are highly politicized and where sponsors have strong interest. The meta-technique has developed tools to handle this situation, by estimating the best meta-average and by revealing biases. However, most of the tools are less than one decade old and they are still undergoing testing. The special issue Meta-Analysis in Theory and Practice aims at publishing both methodology and actual meta-studies.

The Measurement of Inequality and Well-Being: New Perspectives

Editor: Satya R. Chakravarty, Indian Statistical Institute, Kolkata

The theory of distributional analysis has recently witnessed the growth of several new branches and new results in traditional measurement problems. Some of these new branches are measurement of multidimensional inequality and poverty, measurement of polarization, measurement of vulnerability and health inequality measurement. New developments include inverse stochastic dominance, unit constancy, measuring chronic poverty, measuring inequality and poverty when needs differ and path independence. In order to make the frontiers of research in these areas more advanced, this special issue of the journal invites contributions on related topics.

Using Econometrics for Assessing Economic Models

Editor: Katarina Juselius, University of Copenhagen

Econometrics is often used passively to provide the economist with some parameter estimates in a model which from the outset is assumed to be empirically relevant. In this sense, econometrics is used to illustrate what we believe is true rather than to finnd out whether our chosen model needs to be modified or changed altogether. The econometric analyses of this special issue should take its departure from the latter more critical approach. We would like to encourage submissions of papers addressing questions like whether a specific economic model is empirically relevant in general or, more specifically, in a more specific context, such as in open, closed, deregulated, underdeveloped, mature economies, etc. For example, are models which were useful in the seventies still relevant in the more globalized world of today? If not, can we use the econometric analysis to find out why this is the case and to suggest modifications of the theory model? We encourage papers that make a significant contribution to the discussion of macroeconomics and reality, for example, by assessing the empirical relevance of influential papers, or the robustness of policy conclusions to econometric misspecification and the ceteris paribus clause, or by comparing different expectations's schemes, such as the relevance of forward versus backward expectations and of model consistent rational expectations versus imperfect/incomplete knowledge expectations, etc.

Distance and Border Effects in Economics

Editor: T.Huw Edwards, Loughborough University, and Jan Van Hove, KU Leuven

The study of the economics of border and distance effects has developed steadily since Tinbergen (1962) introduced the notion of gravity into trade in an empirical way. Subsequent theoretical underpinnings by Anderson (1979), Bergstrand (1989) and Anderson and Van Wincoop (2003) have transformed this from a purely empirical approach into one which integrates econometrics and theory, while estimated or calibrated border and distance costs remain central to the study of global and regional integration, non-tariff barriers and the roles of legal, cultural, historical and sociopolitical ties in determining both trade and the transmission of economic growth internationally. At the same time, more recent (following Melitz, 2003) empirical and theoretical work on fixed versus variable trade costs and the margins of trade have been extending our understanding of these effects, while, at the same time, parallels are emerging with the growing field of spatial econometrics. This special issue brings together contributions related to distance and border effects in economics. Researchers are invited to submit theoretical, empirical or methodological papers. In particular, we welcome papers related to the following topics:
• The volume and values of bilateral trade
• Margins of trade
• Market competitiveness and firm competition
• The gains and costs of regional integration
• Trade, Innovation and technological spillovers
• Macroeconomic integration and convergence

Radical Uncertainty and Its Implications for Economics

Editor: Paul Ormerod, University College London and Volterra Partners, London, UK, and David Tuckett, University College London, UK

Should we build a high-speed rail link? When should we expect a motorway system to reach saturation? What will be the local effects of a global trade agreement? When should we restrict credit to prevent a bubble? How can we spot emerging risk and take action to prevent it? When should we abandon particular flood defences? When should the EU permit marketing of particular GM crops, if at all? How should countries respond to epidemics in other countries? Decisions of this sort involve complex judgments. They are a few typical examples from the inbox of challenges requiring decisions from government, business and society in a globalised world that is more rapidly interconnected and inter-dependent than ever before. The expected outcomes of such decisions are both highly consequential for the development of any economy and deeply uncertain. For about 60 years decision science (particularly in economics and judgement and decision making research in psychology) has fostered the development of top-down dual process models (including risk models) in which decision-makers can be modelled as calculating machines, optimising subjective expected utility under constraints. Can we think of other ways of proceeding and still produce rigorous models capable of empirically validated prediction? Contributions addressing how decision-making under radical uncertainty can be studied with a view to incorporating it better into economic thinking are invited from workers in any discipline. Ideally, contributions should not exceed 8,000 words (or word equivalent) in length, though longer ones will not be rejected on these grounds.

Micro-econometric Analyses of International Firm Activities

Editor: Joachim Wagner, Leuphana University Lueneburg and CESIS, KTH, Stockholm

The study of causes and consequences of various forms of international firm activities is a very active sub-field of international economics. Micro-economic models of internationally active heterogeneous firms guide micro-econometric studies that use data at the firm level to investigate empirically the testable implications of these models. Stylized facts uncovered by looking at the micro data help theorists to build formal models based on assumptions that are not at odds with the real world. To further stimulate the discussions in this field, Economics–The Open-Access, Open Assessment E-Journal is planning to publish a special issue with papers that use firm-level data for empirical analyses of recent topics that include, but are by no means limited to,
• the links between R+D and international firm activities
• the extensive margins of trade, its causes and consequences for firm performance
• international activities of multi-product firms
• exports, imports and profitability
• quality of exported and imported goods and firm performance
• application of new micro-econometric methods to the analysis of international firm activities

Agent-based modelling and complexity economics

Editor: Mauro Gallegati, Università Politecnica delle Marche, Ancona, Italy Alberto Russo, Università Politecnica delle Marche, Ancona, Italy

The recent crisis has brought out the weakness of mainstream (NK-DSGE) models that were not able to anticipate it nor to understand its underlying causes. Admittedly, this is not a fair assessment in that even the possibility of an extended crisis has been expelled from dominant models, perhaps based on the idea that the “central problem of depression-prevention has been solved” as maintained by Lucas in 2003. And it is impossible to study the characteristics of a large crisis if this event is not considered in the model by construction. The big mistake then was to think that the “state of macro” was good, as assessed by Blanchard in 2008. However, once the damages of the crisis became undeniable many modifications have been introduced in the dominant paradigm, especially financial frictions of various species, though these may resemble the epicycles of a Ptolemaic system. Now, does economics need a Copernican-like revolution? The answer that the majority of economists would provide is negative, being the consensus that present models can be conveniently improved to include, for instance, heterogeneous agents and income/wealth distribution dynamics. We will see if this incremental effort can be the right answer to the difficulties of economists in anticipating and managing large crises. A radical alternative is based on agent-based modelling (ABM), a methodology addressed to study the economy as a complex adaptive system in which collective behaviour emerges from the interaction among heterogeneous boundedly rational agents. As also partly recognized by the mainstream, agents’ heterogeneity is an essential feature of the economic system in which individual variables (for instance, personal income or firms’ revenues) are often distributed as power laws. The other fundamental ingredient is interaction, not only that mediated by the price system (that is indirect interaction), but the direct connection in a network of agents’ interlinkages, as in the case of financial contagion and bankruptcy chains. The last years have seen a flourishing of ABMs which demonstrate that this approach is growing and it is considered as a valid alternative by many and many researchers around the world (including some central banks, as for instance the BoE). ABMs of various types have already demonstrated that this approach is able to reproduce complex dynamics, as technological evolution or business cycles, based on (relatively) simple individual behavioural rules (a first attempt was the Schelling’s segregation model). The integration between ABM and the Stock-Flow Consistent (SFC) modelling has further improved macroeconomic models, highlighting the role of underlying economic theories, with a particular emphasis on the Post-Keynesian approach. The recent attempts to study policy issues and environmental sustainability enrich this approach and contribute to build an effective alternative to mainstream models. This special issue is aimed at collecting recent contributions in the ABM field, focussed on various topics, thus making an additional step towards a concrete approach to study the economy as a complex system and the role of policy in managing its evolution.

Global Governance—Challenges and Proposals for Reform

Editor: Dennis Snower, Kiel Institute for the World Economy

Global Governance has become an exciting issue in the current public debate. It is obvious that in many areas, the existing international economic systems need to be reformed in response to the new challenges posed by current political, social and environmental changes in the World Economy. As a response to these developments, we plan to provide a Special Issue "Global Governance: Challenges and Proposals for Reform" in the Policy Papers section of Economics. We especially encourage the submission of papers that go beyond the mere analysis of recent developments and the identification of shortcomings of the present system, and provide concrete proposals for a reform. The proposals could address a reform of existing institutional arrangements, or the creation of new arrangements. Papers are supposed to be policy-oriented.

The Sustainable Development Goals—Assessing interlinkages, trade-offs and synergies for policy design

Editor: Wilfried Rickels, Kiel Institute for the World Economy, Germany Jan Börner, University of Bonn, Germany Adolf Kloke-Lesch, Sustainable Development Solution Network Germany and Guido Schmidt-Traub, Sustainable Development Solution Network

Humankind is on an unsustainable path. The present patterns of global development threaten societal cohesion, undermine prosperity, and consume natural resources and services faster than they regenerate and thus exert unsustainable pressure on climate, ecosystems, and biodiversity. The universal 2030 Agenda for Sustainable Development, adopted by world leaders at the United Nations in September 2015, may present a turning point towards the design of more sustainable national and international policies in which all countries both rich or poor, can take part. The 17 Sustainable Development Goals (SDGs) are a complex system comprising 169 targets and currently about 230 indicators. The Agenda emphasizes that the interlinkages and integrated nature of the SDGs are of crucial importance in ensuring that the purpose of the new Agenda is realized. As countries are gearing up to design and implement policies towards attaining the SDGs, these interlinkages are becoming highly relevant. Moreover, possible trade-offs have to be dealt with and synergies will be challenging to achieve. Sufficient and coordinated action requires national and international policy frameworks with adequate assessment, monitoring, and evaluation procedures. Comprehensive research to transparently reveal interlinkages, potential trade-offs and synergies between the various goals and targets is crucial to guide policy and facilitate civil society as well as business engagement. Accordingly, analytical models and practical tools are needed to i) identify interlinkages, ii) assess trade-offs, iii) identify priority action, and iv) promote synergies by adopting multi-purpose solutions. We invite disciplinary (in particular from the field of economics and political science) and interdisciplinary research articles and commentaries to address these needs by focusing on:
• conceptual and theoretical analyses of SDG interlinkages, potential trade-offs and synergies,
• qualitative and quantitative assessment of potential trade-offs among SDGs and related policies,
• applications of data dimensionality reduction methods and/or structure revealing methods to measure SDG goals,
• evaluations and case-studies of sub-national, national, regional, and international action towards achieving SDG, and
• assessment of the compatibility and synergies with existing domestic and international policies, agreements, and initiatives (e.g. WTO, EU-regulations, G20) with the SGDs.
Furthermore, we would like in particular invite contributions with focus on SDG 17 (Strengthen the means of implementation and revitalize the global partnership for sustainable development) which address the role of finance, technology, capacity building, trade or achieving sustainable development. In other words, this invitation represents a call for transformative international cooperation. In this regard, we also invite contributors to move beyond traditional North-South- and South-South-cooperation patterns and include transformative ways of North-North-cooperation.

Trade Facilitation, Transport Costs and Logistics: A New Challenge for European Competitiveness

Editor: Inmaculada Martínez-Zarzoso, University of Göttingen, Germany

One of the political priorities of the European Union is to become more competitive vis-à-vis other economic areas. The ability to reduce behind-the-border barriers for goods and services, as well as the ability to develop new infrastructures, or even the ability to reap the benefits of the enlarged internal market, have a direct influence on the development of European competitiveness. The special issue aims to provide empirical and theoretical analyses of issues relating to comparative advantage, trade costs, logistics, production networks and bilateral trade flows. Surveys of the literature are welcomed along with original pieces of research. Topics can include but are not limited to measurement of trade facilitation, economic integration effects, and trade policy issues including rules of origin and product standards. Submissions that focus on country studies or deal with experiences outside Europe are also welcome.

Managing Financial Instability in Capitalist Economies

Editor: Thomas Lux, University of Kiel, and Marco Raberto, Reykjavik University

We invite authors to submit papers for the Special Issue on “Managing Financial Instability in Capitalistic Economies”. This special issue follows the MAFIN09 workshop on the same topic held in Reykjavik, September 3rd-5th 2009, but is open also to contributions not presented in it.

Special Issue Purpose
The special issue aims to present new modeling paradigms in financial economics able to understand the causes and the dynamics of financial and economic crises and to devise proper economic policies for recovering a capitalist economy from a deep recession due to a credit crunch or a collapse in assets values.

The current financial and banking crisis and the subsequent severe economic recession have dramatically demonstrated the importance of financial and credit markets in modern economies. According to mainstream approaches to economics, the structure of financial liabilities only has limited influence on aggregate economic activity. Capitalist economies are viewed as essentially stable and tending towards steady growth and the investment-finance linkage is considered at the most as an amplifying mechanism of shocks exogenous to the economy. A different, unduly neglected strand of research emphasizes the role of the investment-finance link not just as a propagator of exogenous shocks but as the main source of financial instability and business cycles. In this tradition, endogenous boom-and-bust cycles might be due to excessive risk taking and overinvestment during good times. While this approach has long been dormant because of its abandonment of complete rationality of agents, the crisis has brought to the fore the importance of such explanations for ongoing events. On the theoretical side, recent developments in statistical equilibrium approaches to economics, alongside with the emergence of behavioral and agent-based models, have indicated the way to overcome the limitation of traditional equilibrium-based analytical models characterized by fully rational representative agents.

Tourism Externalities

Editor: Bianca Biagi, Economics Department (DEIR) & CRENoS, University of Sassari, Italy and Manuela Pulina, TOMTE, University of Bolzano, CRENoS, Italy

The goal of this special session is to have an in-depth exploration of the complexities surrounding tourism and the externalites produced by this economic activity within the local community. As a result of their specific characteristics, the dynamics and evolution of externalities in tourism destinations are different from the developed and industrialized countries, as well as their life cycle. The impact of externalities, either positive or negative, change according to the destination (cities, metropolitan areas, towns or villages). In particular, Island economies face special challenges in achieving sustainable tourism. There still remains a lack of research on tourism externalities issues in the literature. This special issue aims to explore tourism externalities in developing and developed economies, islands, cities, metropolitan areas, towns and villages. The paper must clearly highlight the link between tourism and the positive (or negative) externality that this activity generates at a local, regional or national level. Both theoretical and empirical papers are welcome. The abstract should clearly indicate: Aim Design/methodology/approach Findings Practical implications Originality/value.

Recent developments in international economics

Editor: Juliette Milgram Baleix, University of Granada, Spain AEEFI Carmen Díaz Roldán, University of Castilla-La Mancha, Spain AEEFI and Instituto de Economía Internacional

This special issue offers a broad overview of recent developments in international economics and finance, arising out of the contributions to the XX Conference on International Economics organized by the Spanish Association of International Economics and Finance (AEEFI) and the University of Granada (Spain). The articles aim to cover recent research in areas such as international trade and factor movements, open macroeconomics, financial flows, and migration and the labour market, or any area in the field of international economics. The final objective is twofold: to introduce the most recent developments in international economics and to offer results that could be useful for international policy recommendations.

Recent Developments in Applied Economics

Editor: Máximo Camacho, University of Murcia, Spain Carmen Díaz-Mora, University of Castilla-La Mancha, Spain

Call for papers:
This Special Issue is designed to bring together some of the recent cutting edge research in the area of Applied Economics. The editors would like to invite papers from a wide range of areas, such as Applied Econometrics, Applied Macroeconomics, Applied Microeconomics, Economic Development & Growth, Economic History, Finance, Health, Education & Welfare, Industrial Economics-Empirics, International Economics, Labour Economics & Demography, Public Economics, Housing and Real Estate, Regional & Urban Economics/Economic Geography and Tourism Economics.

To further stimulate the discussion on these topics, the Free Economics Association (ALdE – Asociación Libre de Economía) organizes the annual APPLIED ECONOMICS MEETINGS (AEM). The XIX Applied Economic Meeting will be held in Seville (Spain) on June 9–10, 2016 ( Manuscripts for the XIX AEM should be submitted electronically before March 1st, 2016 at:
Submissions for the Special Issue:
The Guest Editors invite:
a) Authors participating in the XIX AEAM to submit their papers to this Special Issue. It is strongly recommended that Conference papers identify in the submission process.
b) Other authors whose papers are not submitted to the AEM.
The submission procedure is available at
All manuscripts for this Special Issue should be submitted electronically at

New Approaches in Quantitative Modeling of Financial Markets

Editor: Taisei Kaizoji and Mauro Politi, International Christian University, Tokyo, Thomas Lux, University of Kiel

We invite authors to submit papers for the Special Issue on “Quantitative Finance and Economics”. This special issue follows the "First Unconventional Workshop on Quantitative Finance and Economics" held at the International Christian University in Tokyo the 21st–23th of February 2011 (, but is open also to contributions not presented in it. The special issue aims to present ideas around open problems and recent frontiers in quantitative finance and economics. Topics may include traditional as well as innovative quantitative finance and economics fields. Researchers and scholars from an interdisciplinary background are specially welcome. Preciselly, topics may include:
• Statistical and probabilistic methods in economics and finance
• Multiscaling analysis and modeling
• Market microstructure modeling
• Financial and economical networks
• Agent-based models in economics and finance
• Markets as complex adaptive systems
• Crisis forecasting

Economics, Psychology and Choice Theory

Editor: Marina Bianchi (University of Cassino and Southern Lazio), Peter Earl (University of Queensland), Sergio Nisticò (University of Cassino and Southern Lazio), Maurizio Pugno (University of Cassino and Southern Lazio)

Throughout the second half of the twentieth century, microeconomic theory underwent a parallel and, in some sense, contradictory, development. On the one hand, a great variety of models flourished, based on the axiomatic foundations of (intertemporal) general equilibrium theory on the other hand, research on decision theory started to reveal that the same foundations of traditional microeconomics, namely the notions of equilibrium and rationality, were extremely shaky. Starting with the findings implicit in Allais’s paradox, a vast array of experimental studies later revealed that much decision-making was only quasi-rational and guided by simple heuristics (Kahneman and Tversky, Thaler, and many others). This literature mainly emphasized the anomalies of rational choice, implying that the traditional economic model was not general. The enormous interest and impact that this new approach has had on economic thinking clearly helped also to break the boundaries between economics and psychology that the axiomatic approach had erected. An additional and fruitful attempt of cross-fertilization between the two disciplines is Tibor Scitovsky’s The Joyless Economy, first published in 1976. To mark the tenth anniversary of Tibor Scitovsky’s death, in June 2012 the Creativity and Motivations Economic Research Center of the University of Cassino hosted an International Conference entitled “How to Bring Joy into Economics”. Thanks mostly to his acquaintance with a new body of experimental research in psychology, Scitovsky extended the challenge to established microeconomic theory by pointing out the gap between the traditional approach to choice and individuals’ demand for novelty as a source of satisfaction. The aim of this special issue is to gather new contributions on whether, how and to what extent economists should expand their understanding of economic rationality by integrating elements of thinking familiar to psychologists, in particular, when curiosity and uncertainty towards innovative consumption activities, rather than the ‘passive’ satisfaction of given needs, is the main objective of choice theory.

Bio-psycho-social foundations of macroeconomics

Editor: David Tuckett, University College London (UCL), UK Dennis J. Snower, Kiel Institute for the World Economy, Germany Angus Armstrong, Rebuilding Macroeconomics (NIESR)

The origin for the call is a landmark Rebuilding Macroeconomics conference held at HM Treasury in October 2018. Rebuilding Macroeconomics is an interdisciplinary network of scholars and policy makers based at the National Institute for Economic and Social Research in London and funded by the UK’s Economic and Social Research Council. Its purpose is to enhance the policy relevance of macroeconomics by supporting rigorous, innovative and interdisciplinary research to address gaps in our macroeconomic knowledge.
Conference sessions were chaired by the Bank of England’s Chief Economist, External Members of the Bank’s Monetary Policy Committee and Parliamentarians committed to advancing macroeconomics. It comprised current "state of the art" presentations from social, psychological, statistical, mathematical and biological scientists deemed relevant to understanding and modelling how interacting economic agents combine to produce aggregate outcomes.
Contributions from those at the Rebuilding Macroeconomics conference and from other scientists are invited addressing detailed questions, such as the following:
Can we develop an evidence-based, scientifically plausible, understanding of how observable economic actors behave and combine to produce the broad macroeconomic outcomes we observe?
Based on this understanding – i.e. on robust theoretically guided and empirically supported analysis which can carry conviction in a contested policy space – what are the effects and merits of different policy tools such as in monetary and fiscal policy space, redistributive policy measures, international trade and capital policy, industrial and financial policies, environmental and social sustainability, innovation and intellectual property regimes, competition policy, etc.?
How can we modify existing core model assumptions about representative agents, rational expectations and the exclusion of radical uncertainty but still retain rigor in analysis?
How can models and policy face the current era of contested policy space – i.e. how can we recognize and explore alternative policy choices with different implications for different stakeholders – for example, present generations versus future generations, one sector of the economy versus another, one or more economic class rather than another, one gender versus another, one region versus another, etc.
Within the initial group of papers we will publish, some focus on state-of-the art knowledge in cognitive, neurobiological and social aspects of decision-making is presented. They suggest that calculation and co-ordination via the price mechanism plays a much more limited role in decision-making than is usually assumed in macroeconomics – in part because of the fact many of the most significant economic decisions require economic agents (including policy makers) to cope with a context of radical uncertainty.
A second group of papers deal more directly with the influence of the social on the economy. Values and principles may influence how people co-ordinate so that knowledge of them may provide insights into the methods of enquiry and analysis that are then necessary, placing a strong emphasis on the merits of detailed descriptions of economic action, including of how agents respond to policy shifts.
We are looking for additional papers on these themes or new ones bringing this thinking into macroeconomics.

The economics of social status

Editor: Ennio Bilancini, University of Modena and Reggio Emilia (UNIMORE), Italy Leonardo Boncinelli, University of Florence, Italy

The economic consequences of status have been a subject of economic inquiry since the seminal work of Veblen. Since then, the theoretical literature on status has grown considerably, and substantial body of empirical evidence has been provided confirming that people do care about their relative standing in society. When people care about their relative standing in society, different forms of externalities can arise. Status competition can generate negative externalities that lead to severe market inefficiencies. At the same time, status competition can help internalize previously existing externalities, thus potentially resulting beneficial. Whatever the case, the fact that people have concerns for their relative standing is often relevant to both positive and normative analysis. Although now economists generally agree that social status is relevant to economic behavior, several issues regarding the competition for social status and its economic and social consequences are still the object of a lively discussion. A non-exhaustive list of important open questions include: Are status preferences hardwired into human beings or do they arise endogenously from some social game? What are the objects employed in the competition for status? Are these objects observable or must be inferred somehow? When does status competition allow to internalize externalities? And does it generate further distortions? Is status-seeking behavior good or bad for well-being? And for economic growth? How can policy-makers act in order to mitigate undesired status-effects and to foster desired ones? This special issue aims at showcasing the most recent theoretical and empirical analysis about social status attempting to answer the above questions and related topics. We especially welcome insightful commentaries and surveys.

The practice of replication

Editor: W. Robert Reed, University of Canterbury, New Zealand

The last several years have seen increased interest in replications in economics. This was highlighted by the most recent meetings of the American Economic Association, which included three sessions on replications (see here, here, and here). Interestingly, there is still no generally acceptable procedure for how to do a replication. This is related to the fact that there is no standard for determining whether a replication study “confirms” or “disconfirms” an original study. This special issue is designed to highlight alternative approaches to doing replications, while also identifying core principles to follow when carrying out a replication. Contributors to the special issue will each select an influential economics article that has not previously been replicated, with each contributor selecting a unique article. Each paper will discuss how they would go about "replicating" their chosen article, and what criteria they would use to determine if the replication study "confirmed" or "disconfirmed" the original study. Note that papers submitted to this special issue will not actually do a replication. They will select a study that they think would be a good candidate for replication and then they would discuss, in some detail, how they would carry out the replication. In other words, they would lay out a replication plan. Submitted papers will consist of four parts: (i) a general discussion of principles about how one should do a replication, (ii) an explanation of why the “candidate” paper was selected for replication, (iii) a replication plan that applies these principles to the “candidate” article, and (iv) a discussion of how to interpret the results of the replication (e.g., how does one know when the replication study “replicates” the original study). The contributions to the special issue are intended to be short papers, approximately Economics Letters-length (though there would not be a length limit placed on the papers). The goal is to get a fairly large number of short papers providing different approaches on how to replicate. These would be published by the journal at the same time, so as to maintain independence across papers and approaches. Once the final set of articles are published, a summary document will be produced, the intent of which is to provide something of a set of guidelines for future replication studies. Before beginning on a paper, authors should first check with the editor (W. Robert Reed, [email protected]) to make sure that the paper they plan to replicate is suitable and not selected by another author.

Responding to the Labour Market Challenges of Globalisation

Editor: Dennis Snower, Sebastian Braun, and Wolfgang Lechthaler, Kiel Institute for the World Economy

There is broad agreement both among economists and policy makers that the globalisation process will harm some groups in society while benefiting others. A particular source of anxiety is the deteriorated labour market performance of the losers of globalisation, be it in form of higher unemployment, lower wages or both. Consequently, globalisation creates major challenges to welfare states, with their objectives to provide social insurance, redistribution and lifecycle transfers. Surprisingly, however, there exists very little academic research about the optimal way to compensate those who lose from globalisation. This lack of research is all the more surprising, as the support for the globalisation process at large will dwindle, and an ensuing escalation of trade protectionism may even reverse the process, if the welfare state does not enable a majority of voters to reap the benefits of globalisation. The aim of the special issue is to solicit and publish papers that identify the challenges of the globalisation process for the labour market and / or analyse how welfares states can respond to these challenges. We therefore encourage submissions on topics of relevance for this special issue from the areas of labour economics, international trade, and public economics

Economic Perspectives Challenging Financialization, Inequality and Crises

Editor: Silvano Cincotti and Marco Raberto, University of Genova, Italy, and Simone Alfarano, University Jaume I, Castellon, Spain

We invite authors to submit papers for the special issue on "Economic Perspectives Challenging Financialization, Inequality and Crises". This special issue follows the MAFIN 2012 workshop ( held in Genova (Italy), on September 19–21, 2012, but is open also to contributions not presented in the workshop.
The special issue aims to present new modeling perspectives in financial economics able to understand the role of the financial sector in determining economic stability, innovation and growth, to devise policies for preventing a major financial crisis and to improve resilience of the economy.
In particular, we welcome contributions on the following topics:
Financialization and inequality
Financial innovation, systemic risk and macroprudential regulation
Debt and asset bubbles, deleveraging and business cycles
Euro sovereign debt crisis
Functional finance and modern monetary theory
Models of financing innovation and growth
Unorthodox methodological approaches will be appreciated, e.g. agent-based modeling and simulation, flow-of-fund analyses and stock-flow consistent modelling, networks economics, statistical equilibrium techniques, institutional and evolutionary economics perspectives, data mining techniques.

Recent Developments in International Money and Finance

Editor: Ronald MacDonald, University of Glasgow

This special issue is designed to bring together some of the recent cutting edge research in the area of International Money and Finance (IMF). Both theoretical and empirical papers will be considered and the topic of the paper should clearly fall within the scope of IMF. Examples of topics of special interest are: the economics of exchange rates (such as equilibrium exchange rates and exchange rate forecasting), tests of the efficient markets hypothesis in forward and futures markest the determination of capital movements globalisation issues open economy macro issues, such as developments in the New Open Economy Macroeconomics and Transition economies and the International Monetary System.

The Social Cost of Carbon

Editor: Robert Kopp, U.S Department of Energy, Washington, DC, Richard Tol, Department of Economics, University of Sussex, and Stephanie Waldhoff, Joint Global Change Research Institute, Pacific Northwest National Laboratory

The social cost of carbon—the marginal external costs resulting from enhanced climate change due to carbon dioxide emissions—is an important concept in environmental policy. It is closely related to the Pigou tax, the price that should apply to emissions if the aim is to maximise global welfare. The social cost of carbon could therefore theoretically inform assessment of the desirable intensity of climate policy, and it plays a crucial role in any cost-benefit analysis of emission abatement initiatives. There are two major challenges to estimating the social cost of carbon. First, everything about climate change and its impacts is uncertain. This is partly because climate change is primarily a problem in the future and partly because both the human and natural components of the Earth system—and thus both the drivers and the impacts of global climate change—are complex and only partially understood. Second, any assessment of the seriousness of climate change requires value judgements about the relative importance of temporal impacts: those that occur now and in the future spatial impacts: those that impact people near and far across the globe and the risk aversion of society for uncertain impacts: the more severe damages that may occur less likely, but still plausible, futures. The aim of this special issue is to revisit the social cost of carbon dioxide and other greenhouse gases. The special issue is open to new estimates of its size, its composition, and its sensitivity to assumptions to novel discussions of the conceptual and theoretical issues in estimating the social cost of carbon and to assessments of its potential use in regulation and policy.

Food Security and Climate Change

Editor: Shenggen Fan and Jerry Nelson, International Food Policy Research Institute, Washington, DC

Climate change adds to the challenges to achieve sustainable food security arising from population and income growth. Because food production is critically dependent on local temperature and precipitation conditions, any changes require farmers to adapt their practices locally. At the same time, agriculture is currently responsible for about one-third of total emissions which could continue to increase unless low-emission agricultural development strategies are implemented around the world. Programs and policies to foster adjustment must be developed nationally and implemented on farm. But most analyses of the food security and climate change have been at the regional level (East Africa, South Asia, etc.). Therefore submissions to the special issue should mainly present original national-level research for, e.g., Brazil, Russia, India, Indonesia, China, South Africa, and the US – the most important countries from the perspective of dealing with climate change and food security globally.

FDI and multinational corporations

Editor: Philipp Harms, Johannes Gutenberg-University, Mainz Germany Konstantin Wacker, University of Groningen, The Netherlands

This special issue aims to foster the understanding of the role of foreign direct investment (FDI) and multinational corporations (MNCs) in the world economy from a multi-disciplinary perspective. Special emphasis will be given to research that deals with the interactions of FDI/MNCs with politics, institutions, distributional aspects, and perceptions towards globalization. However, submissions dealing with FDI and MNCs from alternative perspectives are also encouraged.

Quasi Markets in Education

Editor: Gianni De Fraja, University of Leicester and Universita' di Roma "Tor Vergata"

The optimal scale of supply of education services is very small, as witnessed by the observation that all levels of education are provided, except at most in very small countries, by a myriad of separate organisations, be they schools or universities. On the other hand there are several special features of the supply of education which make this industry different from the textbook competitive industry. The rationing role of price is severely restrained, supply by state-owned and state run supply is vast, but not exclusive, with private suppliers fiercely competitive and very different in nature and behaviour from government ones. In addition, the set of laws and rules that supplier must adhere to is much larger than in other sectors. There are also severe geographical constraints to competition, as users of the service cannot move freely from supplier to supplier. Consumption is compulsory, and (mostly) the beneficiaries do not pay for the services the characteristics of users affect heavily the quality of the service received, and so on. Papers are invited for the special issue to study any aspect of the interaction between suppliers or types of supplier in the education industry. Topics covered could therefore be, but are clearly not limited to, the peer group effect in school the role of government or private rankings of universities the role of the governance of institutions, private or public, religious or for-profit the role of prices the effect on overall economic growth of the organisation of the education sector, in regard for example, to measurable characteristics of the supply side of the education sector, to differences in rate of (private or social) return the provision of incentives to suppliers and consumers in the market. Please notice: O2 will award a prize of 5,000 euros for an article in the field of health, education, and welfare. Articles published in the special issue will be considered for the prize.

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Topical and timely short pieces published at irregular intervals and reviewed by the editor and/or one outside reviewer at the editor's discretion. May include editorials, letters to the editor, news items, and policy discussions

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Volume 111, issue 6, 2021 Closing the Gap: The Effect of Reducing Complexity and Uncertainty in College Pricing on the Choices of Low-Income Students pp. 1721-56 Susan Dynarski, Libassi Cj, Katherine Michelmore and Stephanie Owen The Selection of Talent: Experimental and Structural Evidence from Ethiopia pp. 1757-1806 Girum Abebe, A. Stefano Caria and Esteban Ortiz-Ospina Types of Contact: A Field Experiment on Collaborative and Adversarial Caste Integration pp. 1807-44 Matt Lowe Feedbacks: Financial Markets and Economic Activity pp. 1845-79 Markus Brunnermeier, Darius Palia, Karthik A. Sastry and Christopher Sims Can Policy Change Culture? Government Pension Plans and Traditional Kinship Practices pp. 1880-1917 Natalie Bau Can Network Theory-Based Targeting Increase Technology Adoption? pp. 1918-43 Lori Beaman, Ariel BenYishay, Jeremy Magruder and Ahmed Mushfiq Mobarak Digitization and Pre-purchase Information: The Causal and Welfare Impacts of Reviews and Crowd Ratings pp. 1944-71 Imke Reimers and Joel Waldfogel Discrete Choice under Risk with Limited Consideration pp. 1972-2006 Levon Barseghyan, Francesca Molinari and Matthew Thirkettle Digital Dystopia pp. 2007-48 Jean Tirole

Volume 111, issue 5, 2021 Auction Research Evolving: Theorems and Market Designs pp. 1383-1405 Paul Milgrom A Few Bad Apples? Racial Bias in Policing pp. 1406-41 Felipe Goncalves and Steven Mello How Research Affects Policy: Experimental Evidence from 2,150 Brazilian Municipalities pp. 1442-80 Jonas Hjort, Diana Moreira, Gautam Rao and Juan Francisco Santini Five Facts about Beliefs and Portfolios pp. 1481-1522 Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen Utkus Dynastic Human Capital, Inequality, and Intergenerational Mobility pp. 1523-48 Adrian Adermon, Mikael Lindahl and Mårten Palme The Role of Behavioral Frictions in Health Insurance Marketplace Enrollment and Risk: Evidence from a Field Experiment pp. 1549-74 Richard Domurat, Isaac Menashe and Wesley Yin An Experiment in Candidate Selection pp. 1575-1612 Katherine Casey, Abou Bakarr Kamara and Niccoló F. Meriggi Stock Market Wealth and the Real Economy: A Local Labor Market Approach pp. 1613-57 Gabriel Chodorow-Reich, Plamen T. Nenov and Alp Simsek Efficiency and Equity Impacts of Energy Subsidies pp. 1658-88 Robert W. Hahn and Robert Metcalfe Cross-Region Transfer Multipliers in a Monetary Union: Evidence from Social Security and Stimulus Payments pp. 1689-1719 Steven Pennings

Volume 111, issue 4, 2021 Behavioral Constraints on the Design of Subgame-Perfect Implementation Mechanisms pp. 1055-91 Ernst Fehr, Michael Powell and Tom Wilkening The Macroeconomic Effects of Oil Supply News: Evidence from OPEC Announcements pp. 1092-1125 Diego R. Känzig Reference Points for Retirement Behavior: Evidence from German Pension Discontinuities pp. 1126-65 Arthur Seibold Myopia and Anchoring pp. 1166-1200 George-Marios Angeletos and Zhen Huo Parental Resources and College Attendance: Evidence from Lottery Wins pp. 1201-40 George Bulman, Robert Fairlie, Sarena Goodman and Adam Isen Impacts of Performance Pay for Hospitals: The Readmissions Reduction Program pp. 1241-83 Atul Gupta The Legacy of Colonial Medicine in Central Africa pp. 1284-1314 Sara Lowes and Eduardo Montero Risk-Based Selection in Unemployment Insurance: Evidence and Implications pp. 1315-55 Camille Landais, Arash Nekoei, Peter Nilsson, David Seim and Johannes Spinnewijn When Does Regulation Distort Costs? Lessons from Fuel Procurement in US Electricity Generation: Comment pp. 1356-72 Jin Soo Han, Jean-François Houde, Arthur A. van Benthem and Jose Miguel Abito When Does Regulation Distort Costs? Lessons from Fuel Procurement in US Electricity Generation: Reply pp. 1373-81 Steve Cicala

Volume 111, issue 3, 2021 Rank Uncertainty in Organizations pp. 757-86 Marina Halac, Elliot Lipnowski and Daniel Rappoport What Motivates Paternalism? An Experimental Study pp. 787-830 Sandro Ambuehl, B. Douglas Bernheim and Axel Ockenfels Social Media, News Consumption, and Polarization: Evidence from a Field Experiment pp. 831-70 Ro'ee Levy Knowledge Spillovers and Corporate Investment in Scientific Research pp. 871-98 Ashish Arora, Sharon Belenzon and Lia Sheer Job Displacement Insurance and (the Lack of) Consumption-Smoothing pp. 899-942 Francois Gerard and Joana Naritomi The Efficiency of Race-Neutral Alternatives to Race-Based Affirmative Action: Evidence from Chicago's Exam Schools pp. 943-75 Glenn Ellison and Parag A. Pathak The Abolition of Immigration Restrictions and the Performance of Firms and Workers: Evidence from Switzerland pp. 976-1012 Andreas Beerli, Jan Ruffner, Michael Siegenthaler and Giovanni Peri The Financial Transmission of Housing Booms: Evidence from Spain pp. 1013-53 Alberto Martin, Enrique Moral-Benito and Tom Schmitz

Volume 111, issue 2, 2021 Employer Consolidation and Wages: Evidence from Hospitals pp. 397-427 Elena Prager and Matt Schmitt Aggregate Nominal Wage Adjustments: New Evidence from Administrative Payroll Data pp. 428-71 John Grigsby, Erik Hurst and Ahu Yildirmaz Leadership in Social Movements: Evidence from the "Forty-Eighters" in the Civil War pp. 472-505 Christian Dippel and Stephan Heblich Intertemporal Labor Supply Substitution? Evidence from the Swiss Income Tax Holidays pp. 506-46 Isabel Z. Martínez, Emmanuel Saez and Michael Siegenthaler The Nature of Firm Growth pp. 547-79 Vincent Sterk, Petr Sedlacek and Benjamin Pugsley Intergenerational Mobility of Immigrants in the United States over Two Centuries pp. 580-608 Ran Abramitzky, Leah Boustan, Elisa Jacome and Santiago Perez Speculative Fever: Investor Contagion in the Housing Bubble pp. 609-51 Patrick Bayer, Kyle Mangum and James W. Roberts Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation pp. 652-86 Raphael Auer, Ariel Burstein and Sarah Lein Testing the Waters: Behavior across Participant Pools pp. 687-719 Erik Snowberg and Leeat Yariv A Theory of Chosen Preferences pp. 720-54 B. Douglas Bernheim, Luca Braghieri, Alejandro Martínez-Marquina and David Zuckerman What Makes a Rule Complex? Erratum pp. 755- Ryan Oprea

Volume 111, issue 1, 2021 Going Negative at the Zero Lower Bound: The Effects of Negative Nominal Interest Rates pp. 1-40 Mauricio Ulate Mobilizing the Masses for Genocide pp. 41-72 Thorsten Rogall Equilibrium Technology Diffusion, Trade, and Growth pp. 73-128 Jesse Perla, Christopher Tonetti and Michael Waugh The Distributional Consequences of Public School Choice pp. 129-52 Christopher Avery and Parag A. Pathak Politically Feasible Reforms of Nonlinear Tax Systems pp. 153-91 Felix J. Bierbrauer, Pierre Boyer and Andreas Peichl Asymmetric Consumption Smoothing pp. 192-230 Brian Baugh, Itzhak Ben-David, Hoonsuk Park and Jonathan Parker Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries pp. 231-75 Ufuk Akcigit, Harun Alp and Michael Peters Using Models to Persuade pp. 276-323 Joshua Schwartzstein and Adi Sunderam Job Seekers' Perceptions and Employment Prospects: Heterogeneity, Duration Dependence, and Bias pp. 324-63 Andreas Mueller, Johannes Spinnewijn and Giorgio Topa Lumpy Investment, Business Cycles, and Stimulus Policy pp. 364-96 Thomas Winberry

Review: Volume 31 - Economics - History

"A Student's Eye View of George Stigler," Journal of Political Economy, October 1993, pp. 784-792.
"Jean-Baptiste Say," The New Palgrave: A Dictionary of Economics, Vol. 4, p. 249
"Say's Law," Ibid., pp. 249-251
"Jean Charles Leonard Simonde de Sismondi," Ibid., pp. 348-350
"Stigler as a Historian of Economic Thought," Ibid., pp. 498-499
"Thorstein Veblen," Ibid., pp. 799-800.
"Assumptions versus History in Ethnic Education," Teachers College Record, Fall 1981, pp. 37-71.
"Weber and Bakke, and the Presuppositions of 'Affirmative Action'," Wayne Law Review, July 1980, pp. 1309-1336.
"Adam Smith in Theory and Practice" Adam Smith and Modern Political Economy, edited by G. P. O'Driscoll, pp. 3-18. (1979)
"Sismondi: A Neglected Pioneer," History of Political Economy, Spring 1972, pp. 62-88.
"Samuel Bailey Revisited," Economica, November 1970, pp. 402-408.
"The 'Evolutionary' Economics of Thorstein Veblen," Oxford Economic Papers, July 1967, pp. 177-198.
"Marx's Capital After One Hundred Years," Canadian Journal of Economics and Political Science, February 1967, pp. 50-74.
"The Shorter Work Week Controversy," Industrial and Labor Relations Review, January 1965, pp. 238-246.
"The General Glut Controversy Reconsidered," Oxford Economic Papers, November 1963, pp. 193-203.
"Marxian Value Reconsidered," Economica, August 1963, pp. 297-308.
"Karl Marx and the Freedom of the Individual," Ethics, January 1963, pp. 119-126.
"Malthus and the Utilitarians," Canadian Journal of Economics and Political Science, May 1962, pp. 268-274.
"Marx's 'Increasing Misery' Doctrine," American Economic Review, March 1960, pp. 111-120.

Berkeley Economic Review - Volume II (Fall 2016)

Determining Yuan Valuation: An Extension of the IMF External Balance Assessment Approach by Shantanu Banerjee (University of Texas at Austin, USA)

The Dampener on Urban Development: The Persistence of the Informal Sector in Mexico and its Repercussions on Growth by Jinchen Zou (Yale University, USA)

The Monetary Policy Effects of Sweden's Transition Towards a Cashless Society: An Economic Analysis by Therese Dalebrant (University of California, Berkeley, USA)

Effects of Board Gender Diversity on Firm Performance and Director Compensation in India by Christopher Siantar (University of California, Berkeley, USA)

The Impact of the Affordable Care Act on Racial Disparities in Health Care for Working-Age Adults in the United States by Alesa Zhang (University of California, Berkeley, USA)

Watch the video: The Economy of the Soviet Union (January 2022).