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How large economic stimuli generate individual and aggregate responses is a central question in economics, but has not been studied experimentally. We provided one-time cash transfers of about USD 1000 to over 10,500 poor households across 653 randomized villages in rural Kenya. The implied fiscal shock was over 15 percent of local GDP. We find large impacts on consumption and assets for recipients. Importantly, we document large positive spillovers on non-recipient households and firms, and minimal price inflation. We estimate a local transfer multiplier of 2.5. We interpret welfare implications through the lens of a simple household optimization framework.

Air pollution is an important factor affecting the quality and sustainability of the development of China’s economy, and urban sprawl is also a typical by-product of the non-intensive development of urban land. At the same time, Chinese-style fiscal decentralization promotes urban sprawl through top-down yardstick competition, which has a serious impact on air pollution. Therefore, exploring the effect of fiscal decentralization and urban sprawl on air pollution is of great significance for regulating local government behavior, curbing urban sprawl, and accurately identifying the causes of air pollution. The dynamic spatial Durbin model with economic geography weight matrix is employed to analyze the direct and moderating effects of fiscal decentralization and urban sprawl on air pollution on the basis of 269 prefecture-level cities in China from 2004 to 2018. The results show that air pollution has a significant retarded time effect and space spillover effect. Both fiscal decentralization and urban sprawl have contributed significantly to air pollution. The moderating effect of urban sprawl and fiscal decentralization on air pollution is significantly positive. From the short-term effects, the coefficients of the total spillover effect, direct spillover effect, and indirect spillover effect of urban sprawl and fiscal decentralization on air pollution are significantly positive, respectively. In terms of long-term effects, the total spatial spillover effect of urban sprawl and fiscal decentralization on air pollution is significantly negative, while the direct and indirect effects of those are negative but not significant. Further research finds that there is significant regional heterogeneity in the influence of urban sprawl and fiscal decentralization on air pollution.

Many platform strategies focus on indirect network effects between sellers through platform expansion. In this paper, we show sellers on the console video game platform generate a positive intertemporal spillover effect and expand the demand for other sellers, holding the set of platform adopters fixed. We propose a novel identification strategy that leverages exogenous variation in the release timing of games exclusively available on a console platform, and examine how this variation affects the sales of games available on both platforms. We find a sizable intertemporal demand spillover effect between games: A 1% increase in total copies sold on a platform leads to a 0.153% increase in the sales of other games in the next month (i.e., an elasticity of 0.153). Additional analysis suggests this demand spillover effect is reminiscent of habit formation on the consumer side, in that past purchases keep end users active on the platform. Our finding provides a potential explanation for recent platform sales events and subscription services that provide free games to consumers every month. This paper was accepted by Eric Anderson, marketing .

The digital economy has emerged as a new trend in economic development and has profoundly influenced the process of achieving common prosperity. However, current research on the correlation between the digital economy and common prosperity from the perspective of a river basin still needs to be strengthened. Based on this, the present study first theoretically elaborates the conceptual meanings of “digital economy” and “common prosperity”, as well as the mechanism by which the digital economy empowers common prosperity. Subsequently, a scientifically-constructed performance evaluation index system for the digital economy and common prosperity is established. Considering the Yellow River Basin as an empirical case study area, this study investigates the mechanism and spatial spillover effects of the digital economy in empowering common prosperity from 2005 to 2020. The research findings reveal that: (1) The Yellow River Basin exhibits a basin characteristic with downstream > midstream > upstream areas regarding the level of common prosperity and digital economy. It indicates that a distinct spatial correlation exists between the two factors. However, the ongoing decrease in both high-level and very high-level areas reflects the lengthy and challenging journey of enhancing the quality and efficiency of the digital economy in empowering common prosperity. (2) The digital economy not only directly impacts common prosperity, but also fosters its development through spatial spillover effects. Among the control factors, informatization and housing levels have a major stimulating effect. (3) There exists a clear regional heterogeneity in how the digital economy affects common prosperity in the Yellow River Basin. Specifically, common prosperity of downstream cities is significantly impacted by the digital economy. The spatial spillover effects of the digital economy on common prosperity exhibit a pronounced “neighborhood as a moat” characteristic. (4) The digital economy facilitates the achievement of shared prosperity through the implementation of mechanisms centered on sharing, affluence, and sustainability. These research findings illuminate the empowering mechanisms and spatial spillover pathways of the digital economy in promoting shared prosperity, aligning with national strategies for ecological conservation and high-quality development in the Yellow River Basin.

By employing time–frequency-domain frameworks, this study analyzes the spillover effects of news-based economic uncertainty caused by the pandemic on three renewable energy stock indices in the USA, Europe, and the world. The empirical results reveal that the total spillover from economic uncertainty to the three renewable energy stock returns was concentrated at a high frequency, whereas those to volatilities appeared at low frequencies. Utilizing a rolling-window method, we observed that the impact of uncertainty caused by COVID-19 on three renewable energy stock returns and volatilities is more significant than that resulting from the global financial crisis (GFC). During COVID-19, the majority of the spillover effects from economic uncertainty to returns and volatilities of the three indices focused on the long term.

The development of renewable energy has become an important means for the world to cope with climate change, ensure energy security, and protect the ecological environment. Using the panel data of 30 provinces in China from 2013 to 2021, this study used the mediating effect model and the spatial Durbin model (SDM) to explore the mechanism and spatial effects of renewable energy development on China’s regional carbon emission reduction. The results show that: (1) Renewable energy development can help to reduce carbon emission intensity. (2) The results of mechanism analysis show that renewable energy development reduces carbon intensity by improving energy structure, promoting industrial structure optimization, and industrial structure upgrading. (3) The development of renewable energy can not only reduce the local carbon intensity but also have a positive spillover effect on the carbon intensity of neighboring regions. (4) Further analysis shows that the long-term effect of renewable energy development on carbon emissions is greater than the short-term effect. At the same time, the heterogeneity analysis shows that compared with the Yellow River basin, the development of renewable energy has a significant carbon emission reduction effect in the Yangtze River Economic Belt region. Energy-rich areas fall into the “resource curse”, which makes the carbon emission reduction effect of renewable energy development not significant. This paper has certain reference significance for promoting reasonable decomposition between regions and formulating renewable energy development policies.

As a pivotal driver that facilitates the concentration of green innovation elements in key areas of energy conservation and emission reduction, new quality productive forces (NQPF) play a crucial role in carbon emission governance. Based on panel data from 108 prefecture-level cities in the Yangtze River Economic Belt (YREB) spanning 2010 to 2022, this study employs a mediation effect model and a spatial Durbin model (SDM) to empirically examine the mechanisms through which NQPF influence carbon emission performance (CEP), measured by carbon emission intensity (CEI) and carbon emission efficiency (CEE), as well as their spatial spillover effects. The results reveal that NQPF significantly reduces CEI and enhances CEE, and these findings remain robust across multiple tests. Mechanism analysis indicates that NQPF affects urban CEP through two main pathways: green technological innovation and industrial structure rationalization. Furthermore, environmental regulation intensity plays a significant positive moderating role in both pathways. Heterogeneity analysis shows that the inhibitory effect of NQPF on CEI is more pronounced in cities with lower levels of economic development, lower emission intensity, and in designated low-carbon pilot cities. In contrast, the positive effect of NQPF on improving CEE is more significant in cities with higher levels of economic development, higher emission intensity, and low-carbon pilot cities. Spatial effect analysis indicates that NQPF not only improves local CEP but also generates positive spillover effects on neighboring cities. This study provides both theoretical insights and practical implications for enhancing green technology innovation, promoting industrial structure optimization, and improving environmental regulation policies.

Based on the perspective of government-dominated and market-driven industrial co-agglomeration mode, the effect of producer services and manufacturing industrial co-agglomeration on the ecological environment pollution control is explored by using spatial Durbin model, and the mediating effect of technological innovation is further tested. The results show that: (1) At the national level, the government-dominated industrial co-agglomeration only significantly promotes the local ecological environment pollution control, while the market-driven industrial co-agglomeration also can promote the ecological environment pollution control in the surrounding region through its spatial spillover effect. Moreover, there is a significant inverted “U-shaped” curve relationship between the economic development level and ecological environment pollution. Additionally, the environment regulation is also conducive to promoting the ecological environment pollution control, while the industrial structure and foreign direct investment will lead to more serious ecological environment pollution; (2) In the east region, the government-dominated and market-driven industrial co-agglomeration can promote the ecological environment pollution control in the local and surrounding regions, and the promotion effect and spatial spillover effect of market-driven industrial co-agglomeration are greater. However, in the central and west regions, the government-dominated industrial co-agglomeration and market-driven industrial co-agglomeration only promote the local ecological environment pollution control. (3) Technological innovation has partial mediating effect in the impact of government-dominated and market-driven industrial co-agglomeration on the ecological environment pollution control, namely that the government-dominated and market-driven industrial co-agglomeration not only can directly promote the ecological environment pollution control, but also can indirectly promote the ecological environment pollution control through the mediating effect of technological innovation.

With notable spatial agglomeration characteristics, high-tech industries are closely associated with improvements in regional economic resilience. Using panel data for 31 provincial-level regions in mainland China over 2000–2022, this paper empirically investigates the correlation between high-tech industrial agglomeration and regional economic resilience, as well as its underlying mechanisms. The findings suggest that: (1) an inverted U-shaped association exists between high-tech industrial agglomeration and regional economic resilience, where moderate agglomeration tends to be linked with higher resilience whereas excessive agglomeration may correlate with weaker resilience; (2) high-tech industrial agglomeration may be related to improved resilience through potential channels of regional innovation capacity enhancement and industrial structure upgrading; (3) high-tech industrial agglomeration presents an inverted U-shaped spatial spillover correlation with neighboring regions, which appears more pronounced than its local direct association; (4) regional heterogeneity is observed: indirect associations prevail in eastern China, local direct associations dominate in central China, while western China exhibits both patterns; (5) human capital may serve as a critical threshold factor conditioning such correlations. Against the backdrop of intensifying global economic uncertainty, this paper reveals the potential role of high-tech industrial agglomeration in supporting regional economic resilience. It provides theoretical references for accurately grasping the optimal agglomeration scale of high-tech industries and promoting coordinated regional economic development, as well as tentative policy insights for achieving steady economic growth.

The development of digital economy not only directly affects agricultural carbon emissions through digital technology input, but also indirectly affects inter-regional agricultural carbon emissions through spatial spillover effect. Based on the panel data of 30 provinces, autonomous regions and municipalities in China from 2012 to 2022 (excluding Tibet, Hong Kong, Macao and Taiwan), this paper uses the entropy method to measure the development level of digital economy, and constructs a spatial econometric model to test the spatial spillover effect and heterogeneity of digital economy on agricultural carbon emissions. The results show that the development of digital economy has a significant inhibitory effect on agricultural carbon emissions. Digital economy has a spatial spillover effect on agricultural carbon emissions. The higher the development level of digital economy in neighboring regions, the less agricultural carbon emissions in the region. In the northeast and central regions, the development level of the digital economy has a significant positive impact on agricultural carbon emissions. In the western region, the impact is significantly negative, while in the eastern region, it is not significant. In addition, there is a spatial spillover effect in the northeast region. This paper puts forward policy suggestions from four aspects: promoting the construction of digital infrastructure, narrowing the development gap among provinces, strengthening the digital literacy of agricultural operators, and promoting financial innovation, so as to further play the role of carbon emission reduction in the digital economy.