All Outputs (679)

Did the Bank of England’s Quantitative Easing Programme Become Fiscally Wasteful? (2025)
Journal Article
Bleaney, M. (2025). Did the Bank of England’s Quantitative Easing Programme Become Fiscally Wasteful?. Open Economies Review, https://doi.org/10.1007/s11079-025-09798-5

In the period of central bank independence since 1997, the level of UK nominal interest rates has been driven almost entirely by real rates as reflected in the market for index-linked government bonds. These bonds offered a yield of + 4% in the 1980s... Read More about Did the Bank of England’s Quantitative Easing Programme Become Fiscally Wasteful?.

Incentives crowd out voluntary cooperation: evidence from gift-exchange experiments (2025)
Journal Article
Gächter, S., Kaiser, E., & Königstein, M. (2025). Incentives crowd out voluntary cooperation: evidence from gift-exchange experiments. Experimental Economics, 28(1), 75-106. https://doi.org/10.1017/eec.2024.14

Explicit and implicit incentives and opportunities for mutually beneficial voluntary cooperation coexist in many economic relationships. In a series of eight laboratory gift-exchange experiments, we show that incentives can lead to crowding out of vo... Read More about Incentives crowd out voluntary cooperation: evidence from gift-exchange experiments.

The Franchise, Policing, and Race: Evidence from Arrests Data and the Voting Rights Act (2025)
Journal Article
Facchini, G., Knight, B., & Testa, C. (in press). The Franchise, Policing, and Race: Evidence from Arrests Data and the Voting Rights Act. American Economic Journal: Applied Economics,

This paper investigates the relationship between the franchise and law enforcement practices using differential exposure to the Voting Rights Act (VRA) of 1965. We find that, following the VRA, black arrest rates in counties that both had larger shar... Read More about The Franchise, Policing, and Race: Evidence from Arrests Data and the Voting Rights Act.

The contractual dispute resolution game: Real-effort experiments on contract negotiation and arbitration (2025)
Journal Article
Corgnet, B., Gächter, S., & Hernán-González, R. (2025). The contractual dispute resolution game: Real-effort experiments on contract negotiation and arbitration. Journal of Economic Behavior and Organization, 231, Article 106902. https://doi.org/10.1016/j.jebo.2025.106902

In many contractual arrangements where product or service delivery occurs sometime after contracts have been concluded, conditions may change, leading to disputes that need to be resolved often by a third party (arbitrator/mediator). In this paper we... Read More about The contractual dispute resolution game: Real-effort experiments on contract negotiation and arbitration.

Design of Partial Population Experiments with an Application to Spillovers in Tax Compliance (2025)
Journal Article
Cruces, G., Tortarolo, D., & Vazquez-Bare, G. (2025). Design of Partial Population Experiments with an Application to Spillovers in Tax Compliance. Review of Economics and Statistics, https://doi.org/10.1162/rest_a_01552

We develop a framework to analyze partial population experiments, a generalization of the cluster experimental design where clusters are assigned to different treatment intensities. Our framework allows for heterogeneity in cluster sizes and outcome... Read More about Design of Partial Population Experiments with an Application to Spillovers in Tax Compliance.

Real-time monitoring procedures for early detection of bubbles (2025)
Journal Article
Whitehouse, E., Harvey, D., & Leybourne, S. (2025). Real-time monitoring procedures for early detection of bubbles. International Journal of Forecasting, 41(3), 1260-1277. https://doi.org/10.1016/j.ijforecast.2024.12.005

Asset price bubbles and crashes can have severe consequences for the stability of financial and economic systems. Policymakers require timely identification of such bubbles in order to respond to their emergence. In this paper we propose new economet... Read More about Real-time monitoring procedures for early detection of bubbles.

Round Number Preferences and Left-Digit Bias: Evidence from Credit Card Repayments (2025)
Journal Article
Sakaguchi, H., Gathergood, J., & Stewart, N. (in press). Round Number Preferences and Left-Digit Bias: Evidence from Credit Card Repayments. Management Science,

We examine round number preferences and left-digit bias in credit card repayments. We show half of all manual credit card payments are at a small set of round-number values, although all values between the statement minimum and balance were permissib... Read More about Round Number Preferences and Left-Digit Bias: Evidence from Credit Card Repayments.

The Impact of Covid-19 on Productivity (2025)
Journal Article
Bloom, N., Bunn, P., Mizen, P., Smietanka, P., & Thwaites, G. (2025). The Impact of Covid-19 on Productivity. Review of Economics and Statistics, 107(1), Article 28–41. https://doi.org/10.1162/rest_a_01298

We analyse the impact of Covid-19 on productivity using data from an innovative monthly firm survey that asks for quantitative impacts of Covid-19 on inputs and outputs. We find total factor productivity (TFP) fell by up to 6% during 2020-21. The ove... Read More about The Impact of Covid-19 on Productivity.

Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments (2024)
Journal Article
Harvey, D. I., Leybourne, S. J., & Zu, Y. (2024). Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments. Journal of Business and Economic Statistics, 43(3), 643-656. https://doi.org/10.1080/07350015.2024.2418835

We consider the issue of testing the null of equal average forecast accuracy in a model where the forecast error loss differential series has a potentially non-constant mean function over time. We show that when time variation is present in the loss... Read More about Testing for Equal Average Forecast Accuracy in Possibly Unstable Environments.

Wherefore art thou competitors? How situational affordances help differentiate among prosociality, individualism, and competition (2024)
Journal Article
Liu, Y., Stivers, A. W., Murphy, R. O., Van Doesum, N. J., Joireman, J., Gallucci, M., Aharonov-Majar, E., Athenstaedt, U., Bai, L., Böhm, R., Buchan, N. R., Chen, X.-P., Dumont, K. B., Engelmann, J. B., Eriksson, K., Euh, H., Fiedler, S., Friesen, J., Gächter, S., Garcia, C., …Van Lange, P. A. M. (2024). Wherefore art thou competitors? How situational affordances help differentiate among prosociality, individualism, and competition. European Journal of Personality, https://doi.org/10.1177/08902070241298850

The Triple Dominance Measure (choosing between prosocial, individualistic, and competitive options) and the Slider Measure (“sliding” between various orientations, for example, from individualistic to prosocial) are two widely used techniques to meas... Read More about Wherefore art thou competitors? How situational affordances help differentiate among prosociality, individualism, and competition.

Fiscal and macroprudential policies in a monetary union (2024)
Journal Article
Boscá, J. E., Ferri, J., & Rubio, M. (2024). Fiscal and macroprudential policies in a monetary union. Review of Quantitative Finance and Accounting, https://doi.org/10.1007/s11156-024-01376-z

In the European Monetary Union (EMU), monetary policy is determined by the European Central Bank (ECB). This arrangement can give rise to certain national economic imbalances that may potentially be addressed through national policies. Traditionally,... Read More about Fiscal and macroprudential policies in a monetary union.

Sixty Years of the Voting Rights Act: Progress and Pitfalls (2024)
Journal Article
Bernini, A., Facchini, G., Tabellini, M., & Testa, C. (2024). Sixty Years of the Voting Rights Act: Progress and Pitfalls. Oxford Review of Economic Policy, 40(3), https://doi.org/10.1093/oxrep/grae026

We review the literature on the effects of the 1965 Voting Rights Act (VRA), which removed formal restrictions to Black political participation. After a brief description of racial discrimination suffered by Black Americans since Reconstruction, we i... Read More about Sixty Years of the Voting Rights Act: Progress and Pitfalls.

Social preferences and the variability of conditional cooperation (2024)
Journal Article
Baader, M., Gächter, S., Lee, K., & Sefton, M. (2024). Social preferences and the variability of conditional cooperation. Economic Theory, https://doi.org/10.1007/s00199-024-01617-1

We experimentally examine how incentives affect conditional cooperation (i.e., cooperating in response to cooperation and defecting in response to defection) in social dilemmas. In our first study, subjects play eight Sequential Prisoner's Dilemma ga... Read More about Social preferences and the variability of conditional cooperation.

Bonferroni-Type Tests for Return Predictability With Possibly Trending Predictors (2024)
Journal Article
Astill, S., Harvey, D. I., Leybourne, S. J., & Robert Taylor, A. M. (2025). Bonferroni-Type Tests for Return Predictability With Possibly Trending Predictors. Journal of Applied Econometrics, 40(1), 37-56. https://doi.org/10.1002/jae.3094

The Bonferroni Q test of Campbell and Yogo (2006) is widely used in empirical studies investigating predictability in asset returns by strongly persistent and endogenous predictors. Its formulation, however, only allows for a constant mean in the pre... Read More about Bonferroni-Type Tests for Return Predictability With Possibly Trending Predictors.

Systemic risk in banking, fire sales, and macroeconomic disasters (2024)
Journal Article
Bougheas, S., Harvey, D. I., Kirman, A., & Nelson, D. (2024). Systemic risk in banking, fire sales, and macroeconomic disasters. Journal of Economic Dynamics and Control, 168, Article 104975. https://doi.org/10.1016/j.jedc.2024.104975

We develop a dynamic computational network model of the banking system where fire sales provide the amplification mechanism of financial shocks. Each period a finite number of banks offers a large, but finite, number of loans to households. Banks wit... Read More about Systemic risk in banking, fire sales, and macroeconomic disasters.

Price Setting on a Network (2024)
Journal Article
Hinnosaar, T. (in press). Price Setting on a Network. RAND Journal of Economics,

I study price setting within a network of interconnected monopolists. Some firms possess stronger commitment or bargaining power than others, enabling them to influence the pricing decisions of other firms. While it is well-understood that multiple m... Read More about Price Setting on a Network.

Income shocks, political support and voting behaviour (2024)
Journal Article
Upward, R., & Wright, P. W. (2024). Income shocks, political support and voting behaviour. Journal of Public Economics, 239, Article 105253. https://doi.org/10.1016/j.jpubeco.2024.105253

We provide new evidence on the effects of economic shocks on political support, voting behaviour and political opinions over the last 25 years in the UK. We exploit a sudden, large and long-lasting shock in the form of job loss and trace out its imp... Read More about Income shocks, political support and voting behaviour.

Backlash against expert recommendations: Reactions to COVID-19 advice in Latin America (2024)
Journal Article
Albornoz, F., Bottan, N., Cruces, G., Hoffmann, B., & Lombardi, M. (2024). Backlash against expert recommendations: Reactions to COVID-19 advice in Latin America. Journal of Economic Behavior and Organization, 228, Article 106752. https://doi.org/10.1016/j.jebo.2024.106752

Public adherence with health recommendations is vital for effective crisis response. During the COVID-19 pandemic, governments faced considerable challenges in persuading the public to adopt new recommendations. Using large-scale survey experiments a... Read More about Backlash against expert recommendations: Reactions to COVID-19 advice in Latin America.

An import(ant) price of Brexit uncertainty (2024)
Journal Article
Graziano, A. G., Handley, K., & Limão, N. (2024). An import(ant) price of Brexit uncertainty. Journal of International Economics, 152, Article 104012. https://doi.org/10.1016/j.jinteco.2024.104012

We estimate the impact of trade policy uncertainty (TPU) on CES import price indices, focusing on the implications of Britain's exit from the European Union (Brexit). Our analysis reveals that a higher probability of Brexit increases U.K. import pric... Read More about An import(ant) price of Brexit uncertainty.

Spatial Equilibria: The Case of Two Regions (2024)
Journal Article
Kucheryavyy, K., Lyn, G., & Rodríguez-Clare, A. (2024). Spatial Equilibria: The Case of Two Regions. Journal of International Economics, 152, Article 104008. https://doi.org/10.1016/j.jinteco.2024.104008

In this paper we characterize the set of equilibria in a generalized version of the canonical two-region economic geography model that nests the class of models in Allen and Arkolakis (2014) as well as Krugman (1991) and features an input-output loop... Read More about Spatial Equilibria: The Case of Two Regions.