Economics

□ 블록체인의 진화: AI 에이전트 경제 인프라 □ AI 에이전트 경제 □ AI 경제 접근 방식 비교: 카드 vs. 블록체인 □ 전망 및 시사점

■ 주택시장 동향 ㅇ 주택 매매시장 동향 ㅇ 주택 전월세시장 동향 ㅇ 주택 분양 ㅇ 주택 금융

We examine how prenatal exposure to air pollution interacts with gender-biased parental investments to shape long-run cognitive performance. Using nationally representative survey data from China, we show that fetal PM2.5 exposure significantly reduces cognitive ability for women, particularly among those with brothers. Our evidence suggests that the family investment channel operates primarily through education rather than health, with gender-biased educational resource allocation compounding negative outcomes for females. Specifically, conditional on the same level of fetal PM2.5 exposure, females receive less homework assistance from their families and attain lower levels of education.

We explore the welfare costs of the loss of animal life in a consequentialist total utilitarian framework that incorporates the intrinsic value of living beings through their sentience. Moral philosophy and neuroscience define sentience as the capacity for valenced experience. Observable performance on cognitive tests represents a conservative lower bound on sentience under plausible neuroscientific assumptions. We estimate the relationship between cognition and neuron counts to cardinalize sentience. We collect population and neuron data for a wide range of animal species, and aggregate them into a single welfare measure. Across a wide range of parameters, the aggregate sentience losses of ..

This paper revisits the empirical evidence on capital structure adjustment and the prevalence of financing “inaction.” We show that the conclusion of infrequent leverage adjustment is sensitive to two methodological choices: high adjustment thresholds and reliance on net balance-sheet changes. Using lower thresholds and gross flows from cash-flow statements, we find adjustment is far more frequent than previously documented, and the pattern reveals pronounced size-based heterogeneity. Smaller firms exhibit considerable inertia consistent with fixed costs; the largest firms (e.g., top 1% by assets) behave as if frictions are negligible. Frictionless recapitalization models thus better des..

Which firms drive aggregate productivity growth? We document that firms with high price-earnings ratios tend to see increases in their subsequent earnings relative to sales, which we interpret as rents from ideas (innovation). We construct an endogenous growth model with shocks to firm innovation step-sizes and R&D efficiency and calibrate it to match patterns in the data. The model implies that growth would be much lower, even with the same innovative effort, if firms had the same step sizes. The model can be used to infer expected growth contributions of individual firms (such as members of the Magnificent Seven). We find that the share of growth coming from smaller listed firms substantia..

The existence of aggregate welfare gains from trade is one of the classic insights from international economics. However, these conventional welfare gains are static, in the sense that they take existing factor supplies and production technologies at a point in time as given. Recent research has highlighted dynamic effects of trade through endogenous factor accumulation and technological innovation over time, although there remains less consensus about the quantitative magnitude of these dynamic effects than about their static counterparts. Key insights from this research are that short-run and long-run responses to trade liberalization differ; capital accumulation amplifies the impact of in..

We study how in-store display ads communicate information about a product’s price and quality, both directly through ad content and indirectly through inferences consumers draw from the presence and content of the ad. We run an incentivized experiment in a simulated online store, randomizing ad exposure, ad content, and the advertised product’s price, while also eliciting participants’ beliefs and choices. Display ads shift beliefs about price and quality, even when the ad copy does not directly reveal either attribute. We provide evidence that these belief shifts have a causal effect on searches and purchases of the advertised product. Using a stylized search model, we show that while..