Volume 18, Number 1, 2026

EN:

This paper develops a transparent, simplified version of Carnehl and Schneider (2025)’s model of knowledge creation. Our tractable framework, which yields closed-form solutions for key welfare trade-offs, preserves the essential economic mechanisms while eliminating mathematical complexity. We derive four main insights. First, in the costless two-period benchmark analysed here, the first-best planner never chooses an expand–then–deepen cycle in which one pushes the frontier and then returns to deepen the newly created region. This clarifies that the “moonshot” mechanism in Carnehl and Schneider is a second-best rationale that operates once research costs (and the associated dynamic externalities) are introduced, rather than a first-best implication of direct welfare comparisons in the costless benchmark. Second, in the same benchmark, private and social incentives coincide on the extensive margin of whether to expand or deepen in a given period; any divergence that appears in our extensions concerns the intensive margin of where within a long bounded gap deepening occurs. Third, we analyse how citation-based incentive systems affect knowledge creation trajectories. We show that systems that privilege unique contributions over shared ones align private behaviour with social welfare objectives, while those that reward shared contributions lead to excessive knowledge deepening. Fourth, our analysis provides precise characterisations of optimal knowledge creation paths under various initial conditions and offers clear guidance for science policy. By clarifying when interventions can address misalignments between researchers’ incentives and social welfare, our simplified model offers practical insights for the design of research funding mechanisms.

EN:

This study investigates the effects of changes in job-filling and job-separation rates on economic fluctuations using an efficiency wage model. It introduces a relationship between labor input and the strategic labor input target into the model. This framework enables us to analyze situations in which vacancies exist, along with employment and unemployment. In this study, the outward shift in the Beveridge curve is attributed to a decline in the job-filling rate and/or an increase in the job-separation rate. An analysis of responses to a positive productivity shock indicates that the changes in vacancies in response to the shock do not necessarily lead to employment changes but depend on the job-separation rate. This finding highlights the need to examine not only the change in vacancies but also the job-separation rate when discussing economic policies.

EN:

This study investigates the relationship between corporate social responsibility (CSR) and bank stability in Vietnam from 2016 to 2022 using the method of moments quantile regression (MMQR). The results show a U-shaped relationship between CSR and bank stability at location-based and across quantiles; however, mixed findings are obtained for different CSR components at different quantiles. Specifically, responsibilities to customers and the environment first mitigate but later improve bank stability. However, the findings indicate an inverted U-shaped relationship between product and service responsibility and bank stability, implying that aggressive pursuits of sustainable products may increase bank instability. Our findings still hold under several robustness checks

EN:

This paper offers a historically grounded reinterpretation of Keynesianism within the context of U.S. economic development and global capitalist transformation. It traces the evolution of Keynes’s core insights into a form of structural Keynesianism, shaped by institutionalism, post-Keynesian and new Keynesian economics, and broader heterodox traditions, while engaging critically with monetarism, rational expectations, supply-side economics, and computational macroeconomics. This evolution unfolded through successive global-scale crises amid accelerating technological change and the rising concentration of economic power. The paper argues that these dynamics facilitated rent-seeking, regulatory capture, and elite entrenchment, undermining democratic governance and exacerbating inequalities in income, wealth, and labor power. By synthesizing institutional, geopolitical, and macroeconomic analyses, the paper advances structural Keynesianism as an essential framework for understanding advanced economies increasingly characterized by financialization, market concentration, globalization, and shifting geopolitical constraints, and for rethinking economic governance beyond demand management toward institutional reform and democratic accountability.

EN:

We examine tail dependence between consumer sentiment and spending during crises, focusing on COVID-19 and the Global Financial Crisis. Using copula models on U.S. monthly data from 2003–2024, we quantify extreme co-movements and find asymmetric tail dependence that intensifies during crises: upper-tail dependence rises to 0.35 post-pandemic, 3.5 times its pre-pandemic level, while the financial crisis shows stronger lower-tail dependence. A Bayesian VAR framework highlights the role of macroeconomic factors. The economic significance is noteworthy: extreme optimism corresponds to a 2.8 percentage-point increase in spending growth, and fiscal multipliers are amplified by 40–60% during sentiment rebounds. These results underscore the value of tail dependence analysis for stabilization policy and crisis-specific risk management.