While financial knowledge and math knowledge have been independently associated with financial capability, there is limited research examining their joint roles in individuals’ financial behaviors. Using survey data from US adults drawn from a nationally representative, probability-based US panel, this brief examined the extent to which respondents’ financial and math knowledge are associated with financial behaviors, both in combination and separately. The results indicated that higher levels of financial and math knowledge are associated with better financial behaviors and that high levels of both financial and math knowledge are sometimes associated with better outcomes than either one alone. This suggests that the combination of math and financial knowledge is a useful topic of study for financial wellbeing.

This article examines how the Australian Liberal-National Coalition party’s (LNP) proposed working from home policy, which would have mandated a return to office for public servants, contributed to a dramatic electoral loss. The 2025 Australian federal election delivered an unexpected landslide victory to the incumbent Australian Labor Party, defying polling predictions that had shown the LNP leading by 10 percentage points just months earlier. We argue that this policy proposal violated an evolving social contract that encompasses hybrid working as a fundamental employment right. Through analysis of media coverage, polling data, and post-election commentary, we demonstrate that the LNP’s failure to recognise this shift in social expectations regarding work arrangements played a significant role in their electoral defeat. Our findings suggest that hybrid working has become institutionalised as part of Australia’s evolving social contract, with implications for future political discourse and employment policy.

This study examines the impact of climate change, defined as long-term changes in temperature and precipitation patterns due to natural and human factors, on women's employment in Burkina Faso, highlighting labour market participation and gender disparities. Using a static computable general equilibrium model calibrated with a gender-specific social accounting matrix, it evaluates two climate scenarios: a 2.4°C temperature increase and a 7.5 per cent decrease in precipitation by 2050. The results indicate that these climate shocks significantly reduce women's employment opportunities. The supply of paid labour for women may decrease by 3.9 per cent, with skilled women experiencing greater job losses than their unskilled counterparts. In rural areas, the domestic workload could increase by up to 0.28 per cent, further limiting women's labour market participation. These changes reinforce gender inequalities and contribute to a decline in real GDP. To counter these effects, investments in climate-resilient agriculture, water and energy infrastructure, and women's entrepreneurship are essential. Gender-responsive policies are needed to promote inclusive economic growth and reduce employment disparities.

We study how changes in a country’s administrative hierarchy affect development at the city level. We exploit the 1806 Napoleonic administrative reform implemented in the Kingdom of Naples as a historical experiment to assess whether district capitals endowed with supra-municipal administrative functions gained an urban development premium compared with non-capital cities. We find that district capitals recorded a population growth premium throughout the nineteenth century (1828–1911) and experienced higher industrialization both before and after the Italian unification (1861) compared with non-capital cities. We explain our results through mechanisms related to public goods provision and transport network accessibility.

This paper studies the impact of the COVID-19 epidemic on economic and health outcomes in China from January 20 to September 28, 2020. We first document China’s containment policies and present empirical evidence on the role of the online economy. We then use a SIR-macro model to study the macroeconomic and health outcomes of the epidemic. The model can generate infection and death dynamics broadly consistent with the data and the U-shaped recovery of the Chinese economy at the weekly frequency. The analysis reveals that, in addition to the containment policies, the development of the online economy (both online consumption and remote work) plays a critical role in fighting an epidemic.

This paper contributes to the literature on augmented wealth (the sum of public pension entitlements and net wealth) along three dimensions. First, it provides new country-specific estimates of augmented wealth for Austria in the year 2017 by combining data from the HFCS (Household Finance and Consumption Survey) and the social security registry. Second, it shows that the main results, which are based on statistical matching, are surprisingly similar to estimates that utilize direct survey responses or information on work history. This finding suggests that international comparisons might be possible even if the results are based on different methodologies. Third, the paper also contrasts the size and distribution of augmented wealth for Austria with comparable estimates for other countries. The household averages of the present value of pension entitlements and of private net wealth turn out to be similar (both amounting to around € 250,000), which is in line with the results for other countries like Switzerland, Germany, and the US. Also, the reduction in the Gini coefficient due to the inclusion of pension entitlements (a decrease from 0.73 to 0.53) is similar for Austria in comparison to other countries.

This article examines American “capitalist feminism” as a type of “business feminism” through the lens of biography. To demonstrate crucial linkages between business culture and historical social developments, the article foregrounds an account of the first woman president of a major commercial bank, Mary G. Roebling. Roebling sought women’s collective uplift primarily through economic empowerment, forwarding her message through accommodationist tactics, such as presenting a “feminine” image, embracing capitalism, and espousing moderate politics. This essay briefly explores additional biographies to suggest that other professionally successful, elite white women held similar “capitalist feminist” views. The article also employs biographical and associational examples to illustrate how capitalist feminism is a distinct category of business feminism.

The loss function is a mathematical representation of the costs experienced by a forecaster when observed outcomes differ from what was predicted. Prior studies suggest that USDA forecasts are not optimal based on an assumed mean-zero quadratic loss function. This study proposes an alternative view of forecast evaluation, which assumes all USDA forecasts are produced to minimize the forecasters’ costs, and searches for the dimensions of the loss function under which optimality holds. We illustrate the degree to which USDA loss functions vary across a series of WASDE price forecasts. A better understanding of USDA forecasters’ costs will benefit forecasters and forecast users.

The scope sensitivity test is used to validate value estimates of non-market environmental goods and services derived from the contingent valuation method. The absence of economic scope could suggest invalid value estimates. Recent studies have attributed scope insensitivity to affective, cognitive, and behavioral factors. In this study, we extend the behavioral insights in explaining scope insensitivity by incorporating insights from the theory of mental accounting. Our empirical results indicate that if subjects consider the environmental good as part of their recreational budget within a mental accounting framework, we can explain the scope insensitivity with otherwise standard preference.

This article seeks to answer the question of how interbranch organisations (IBOs) can facilitate coordination among agents involved in transactions within agri-food chains. An IBO is a complex entity that establishes relationships among agents operating at different stages of a supply chain. The empirical analysis focuses on the Italian tomato supply chain and adopts a Process-tracing approach. The study is grounded in meso-institutions theory and demonstrates how the meso-institutional nature of the analysed IBO helps explain its role in establishing coordination among agents by performing the functions outlined by the theory. The institutional outcome of this relationship is the adoption of a contractual system that facilitates coordination itself. The contractual system identified provides an example of the articulation between the meso-institutional and micro-institutional levels.

This paper studies the effect of gender imbalance on assortative matching and household income inequality. Using data across prefectures in China, we show that a higher sex ratio in the marriage market is negatively associated with both assortative marriage and household income inequality. Motivated by empirical evidence, we develop a heterogeneous-agent model to study the mechanism behind the pattern. The quantitative results of the model match the empirical evidence: a higher sex ratio is associated with a lower degree of assortative matching, which leads to a decrease in household income inequality. When we allow men and women to choose their level of education endogenously before entering the marriage market, we find that a higher sex ratio leads to a higher level of education investment among both men and women, with men investing more significantly than women.

This study investigates the effect of participation in the Global Value Chain (GVC) on Multidimensional Energy Poverty (MEPI), and the role played by the quality of institutions (QI) in the short and long run for 51 African countries over the period 1995–2018. For this purpose, the DCCE-PMG approach is employed, as well as both the GVC and QI indices. MEPI includes electricity, clean fuel, and technology for cooking. The findings show that GVC participation negatively affects MEPI in both the short and long run, meaning that the GVC reduces energy poverty in Africa. Besides, there is mixed evidence regarding the heterogeneity effect according to rural and urban locations. The evidence further shows that GVCs interact with institutions to negatively impact both energy poverty and the rural–urban MEPI gap, implying that the better the institutional quality, the larger the effect of GVC integration on energy poverty reduction. Therefore, a better quality of institution enables local firms, participating in the GVC, to easily capture technology and knowledge diffusion to promote energy development and fulfill the spatial inequality in energy poverty. Additional tests allow us to confirm the evidence and, moving forward, the implications of participation in the GVC.

We study the effect of democratization on stock market liquidity across Spanish political regimes between 1914 and 1936. We use press news related to mass mobilization in favor of political and redistributive reforms to build a monthly index of political uncertainty, and test its impact on different measures of stock liquidity based on daily data for the Madrid Stock Exchange. Our findings suggest that shifts in political uncertainty decreased trading and increased its price impact after the transition to democracy in 1931, but not in the socio-political mobilization that shook the monarchic regime during World War I and its aftermath. The results are robust to controls for other sources of political, economic and international uncertainty. Our evidence suggests that potential challenges to the socio-economic status quo became more credible after the regime change of 1931 and increased the perceived cost of democratization for wealthy elites. This generated a situation of radical uncertainty about future asset returns, leading to a persistent deterioration of investor participation and market liquidity. Contemporary financial chronicles support this interpretation.