Empirical Economics (Empir Econ)

Publisher: Springer Verlag

Journal description

Empirical Economics publishes papers of high quality dealing with the confrontation of relevant economic theory with observed data through the use of adequate econometric methods. Papers cover topics like estimation of established relationships between economic variables testing of hypotheses derived from economic theory policy evaluation simulation forecasting methodology econometric methods and measurement . Preference is given to contributions on industrialized market economies. Contributions dealing with developing and non-market economies should be of interest for non-specialists in these fields. Papers including international comparisons are given high priority. Shorter papers notes and comments are also welcome. Authors are expected to cooperate in case readers editors or referees should want to replicate results reported in submitted contributions. Both positive and negative results of replication efforts may be published in Empirical Economics. Indexed/

Current impact factor: 0.60

Impact Factor Rankings

Additional details

5-year impact 0.87
Cited half-life 8.40
Immediacy index 0.09
Eigenfactor 0.00
Article influence 0.51
Website Empirical Economics website
Other titles Empirical economics (Online)
ISSN 1435-8921
OCLC 40003391
Material type Document, Periodical, Internet resource
Document type Internet Resource, Computer File, Journal / Magazine / Newspaper

Publisher details

Springer Verlag

  • Pre-print
    • Author can archive a pre-print version
  • Post-print
    • Author can archive a post-print version
  • Conditions
    • Author's pre-print on pre-print servers such as arXiv.org
    • Author's post-print on author's personal website immediately
    • Author's post-print on any open access repository after 12 months after publication
    • Publisher's version/PDF cannot be used
    • Published source must be acknowledged
    • Must link to publisher version
    • Set phrase to accompany link to published version (see policy)
    • Articles in some journals can be made Open Access on payment of additional charge
  • Classification
    ​ green

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: Using fund-, firm- and bank-level data, we investigate the investments of the Italian private equity (PE) funds, with a focus on the north-western regions of Italy, where both the PE fund managers and their investments are heavily concentrated. The average size of the portfolios is small by international standards, and their concentration by firm has been growing after the 2008 crisis. The average duration of investments is rather short (about 3.7 years), and less than 10% of them target firms that are both young and innovative. PE investments by Italian fund managers are still underdeveloped, relative to traditional bank credit. We find that being participated by a PE fund increases the amount of credit obtained by the target firm and the number of bank relationships, whereas it leaves the cost of credit unaffected. The effect of the PE fund participation is exclusively related to the entry of the fund in the firm’s capital, as it fades away as soon as the fund exits from the capital, thus suggesting a weak signalling role of PE towards banks.
    Empirical Economics 08/2015; DOI:10.1007/s00181-015-1009-9
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    ABSTRACT: Abstract We use multi-unit multi-bid common value auction models with private information to draw empirical implications on how bidding behavior in bond auctions is affected by secondary market price volatility, implications that we test using indi- vidual bidding data for 88 bond auctions held between 2003 and 2007 by the Spanish Treasury. The main novelty of the paper is that we analyze the effect of volatility in bidders heterogeneous behavior within an auction. We provide evidence that, as the theoretical models predict, the heterogeneity of bidders’ bid shading increases with volatility and that, on average across auctions, bid shading and bidders’ profit also increase with volatility.
    Empirical Economics 08/2015; DOI:10.1007/s00181-015-0988-x
  • Empirical Economics 06/2015; DOI:10.1007/s00181-015-0942-y
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    ABSTRACT: This paper evaluates the fiscal sustainability hypothesis for eight Latin American countries for the period 1960–2009: Argentina, Chile, Colombia, Ecuador, Panama, Peru, Paraguay and Uruguay. Using second generation cointegration panel data models, we test whether government revenues and primary expenditures are sustainable in the long run. This methodology allows for cross-sectional dependence among countries and is appropriate under the existence of potential structural breaks. We found empirical evidence of fiscal sustainability for these Latin American countries but only in a weak sense.
    Empirical Economics 01/2015; Forthcoming.
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    ABSTRACT: We argue that in the presence of transaction costs, observed productivity measures may in many cases understate the true productivity, as production data seldom distinguish between resources entering the production process and resources of a similar type that are sacrificed for transaction costs. Hence, both the absolute productivity measures and, more importantly, the productivity ranking will be distorted. A major driver of transaction costs is poor access to information and contract enforcement assistance. Social networks often catalyse information exchange as well as generate trust and support. Hence, we use measures of a firm’s access to social networks as a proxy for the transaction costs the firm faces. We develop a microeconomic production model that takes into account transaction costs and networks. Using a data set of 384 Polish farms, we empirically estimate this model and compare different parametric, semiparametric, and nonparametric model specifications. Our results generally support our hypothesis. Especially, large trading networks and dense household networks have a positive influence on a farm’s productivity. Furthermore, our results indicate that transaction costs have a measurable impact on the productivity ranking of the farms.
    Empirical Economics 11/2014; forthcoming(1). DOI:10.1007/s00181-014-0882-y
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    ABSTRACT: Measuring the effect of technological activities on productivity growth is an issue that attracted much attention in recent works on empirical econometric studies. Specifically, in the field of regional economics, several attempts have been made in order to quantify the contribution of R&D to labor productivity growth at a regional scale, considering both the internal R&D and the effects obtained by geographical spillovers. The results obtained, however, are characterized by a huge variability and in many cases there is no empirical evidence of positive contributions of R&D activities to productivity growth. Our argument is that this can be a consequence of dealing with samples’ affect by a high level of collinearity. This paper proposes the use of the data-weighted prior (DWP) estimator suggested by Golan (J Econom 101:165–193, 2001 ). The main advantage of this estimator is that it discriminates between relevant and irrelevant regressors better than other estimators when dealing with highly collinear samples. We evaluate the performance of the DWP estimator by Monte Carlo simulations and illustrate how it works by means of a real-world example
    Empirical Economics 09/2014; 47(2):47. DOI:10.1007/s00181-013-0759-5
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    ABSTRACT: This paper investigates the size distortions of HCCME-based tests for serial correlation and the wild bootstrapped counterparts in the presence of asymmetric conditional heteroskedasticity. Thereby, asymmetric effects are allowed to enter the residual process of the dynamic regression model in both the GARCH parameterization and the innovation process. Monte Carlo evidence reported in this paper indicates that wild bootstrap versions of the LM test for serial correlation tend to overreject the null hypothesis, but the problem is generally not very serious.
    Empirical Economics 05/2014; 48(3). DOI:10.1007/s00181-014-0817-7
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    ABSTRACT: This paper employs smooth transition trend models to investigate the long-run time series behavior of quarterly US labor force participation rates. In particular, we examine whether long-run growth in labor force participation rates can be modeled by smooth transitions between states rather than as abrupt mean level changes or as a stochastic trend. Smooth transitions permit for non-instantaneous adjustment of individual workers to changes associated with economic events or general labor market conditions. We employ unit root testing procedures with alternatives characterized by stationary fluctuations around one or two smooth transitions in linear trend. We examine labor force participation rates by gender- and age-specific groups. The results indicate that all female and most male participation series are better characterized as stationary processes that undergo transitional deterministics.
    Empirical Economics 03/2014; DOI:10.1007/s00181-013-0690-9
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    ABSTRACT: This paper approaches to the optimum currency area from the empirical side by investigating the costs of adoption of a single currency for small, open and euroized Western Balkan countries (WBC). Using several econometric techniques this paper attempts to answer three questions relevant for monetary integration of the WBC and similar transition countries: what are the constraints on an independent monetary policy; what is the need for operating an independent monetary policy; and what is the ability to conduct an independent monetary policy. The constraints on independent monetary policy in most of the WBC at this stage are relatively serious due to high levels of openness and euroization. They limit the ability of the central bank, which is oriented to price stability, to use the nominal exchange rate for achieving other goals (for example, output stabilization). Regarding the second question, the results from structural VAR framework suggest a low synchronization for supply and demand shocks between the WBC and the euro area, indicating potentially high costs of losing independent monetary policy. Moreover, the results from Kalman filter technique inform that the shock convergence process is slow or absent in the WBC vis-à-vis the euro area. Regarding the last question, the results from cointegration and VAR analysis suggest that the ability to conduct an independent monetary policy, assessed by analyzing the interest rate channel as the most prominent transmission channel in the euro area, is relatively weak in the WBC.
    Empirical Economics 08/2013; 45(1):137-156. DOI:10.1007/s00181-012-0612-2
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    ABSTRACT: The size distribution of the domains of US-patented technological knowledge obeys an exponential law, revealing a disproportionable concentration of progress among larger domains. Our analyses suggest that this phenomenon is explained by a combination of two factors. First, domains’ trajectories of growth have inherently different potentials. Second, differences in domains’ potentials are magnified by a mechanism—domains’ self-hybridization—endogenous to the process of knowledge growth. Our results show that in addition to being stable, the observed distribution of technological progress is likely to arise under very general conditions.
    Empirical Economics 06/2013; 44(3):1143-1154. DOI:10.1007/s00181-012-0586-0