Journal of Economics Library

Monetary policy is not about interest rates; The liquidity effect and the Fisher Effect

John GREENWOOD — 2026-01-15

The purpose of this paper is to clarify the relation between money and interest rates. Section 1 examines the empirical validity of Keynes’s claims for his liquidity preference theory by looking at the relation between changes in interest rates and changes in the quantity of money. Section 2 considers Irving Fisher’s findings. Fisher, whose studies had mostly preceded Keynes, had shown that over any longer-term horizon the relation between money and interest rates was exactly the reverse of Keynes’ hypothesis of short-term liquidity preference. A reconciliation is proposed that treats Keynes’ theory as a short-term, liquidity effect, and Fisher’s results, which incorporate the effect of inflation or inflation expectations, as the longer-term determinant of interest rates. Section 3 applies the resulting combined theory of the relation between money and interest rates to five case studies in recent decades: two from Japan, and one each from the Eurozone, the U.K. and the U.S. The conclusion is that interest rates are a highly misleading guide to the stance of monetary policy; it is invariably better to rely on the growth rate of a broad definition of money when assessing the stance of monetary policy.

Keywords. Unconventional Monetary Policy; Quantitative Easing; Fisher effetc.

JEL. E52, E58, G14.

The administered public recreation marketing concept

Edouard V. NOVATOROV — 2026-01-15

The article focuses on four major assumptions that underlie the alternative conceptualization of public recreation marketing. It explains (1) the redistribution system within recreation resources are allocated; (2) the organizational structure of recreation agencies; (3) the ways in which public recreation agencies interact with local governments and citizens; and (4) the code of ethics and its influence on the behavior of recreation professionals. Finally, the article attempts to integrate these assumptions into an alternative definition of public recreation marketing that is termed “administered marketing.”

Keywords. Administered marketing; Redistribution; Public recreation.

JEL. C38, I19, L52.

Reassessing human agency in the Late-Pleistocene megafaunal extinction: Evidence from long-run population dynamics

Jean NURZYNSKI — 2026-01-15

The concept of the Anthropocene emphasizes the unprecedented scale of human influence on the Earth system, often extending this influence retrospectively to explain major prehistoric environmental changes, including the Late-Pleistocene extinction of megafauna. This study critically examines the widely held hypothesis of human-mediated megafaunal extinction by analyzing the relationship between human population dynamics and extinction patterns. Using the best available reconstructions of global human population growth and comparing them with established timelines of megafaunal species decline, the study finds no empirical correlation between rapid population growth and extinction pulses. Human population levels during the critical period (15.5–11.5 ka BP) were extremely low, with negligible growth rates and minimal annual increases, suggesting limited capacity for large-scale ecological disruption through hunting or habitat modification. The analysis further demonstrates that population growth trajectories were smooth and hyperbolic, lacking sudden accelerations that could plausibly account for the rapid loss of numerous megafaunal species. These findings challenge the validity of attributing global megafaunal extinctions primarily to human activities and instead point toward alternative explanations, particularly climate-driven environmental changes and complex ecological factors. The study cautions against projecting modern anthropogenic impacts onto prehistoric contexts characterized by fundamentally different demographic and technological conditions.

Keywords. Anthropocene; Megafaunal extinction; Human population dynamics; Late Pleistocene; Climate change.

JEL. J10; J11; Q01; Q54; N50.

Taxation in the Digital Era: Economic, Legal, and Policy Challenges. By Åsa Hansson and Joakim Wernberg (Eds.). Palgrave Macmillan 2025

Scatt CARSON — 2026-01-15

This open-access edited volume, Taxation in the Digital Era, provides a comprehensive and multidisciplinary analysis of the profound challenges that digitalization poses to established national and international tax systems. The rapid rise of intangible assets, mobile capital, and remote work has strained traditional tax principles—particularly the concepts of physical presence and source for taxing corporate profits and labor income. The book is structured to examine these issues from three interconnected perspectives: economic, legal, and policy. Economically, it explores how new business models, such as platform economies and data monetization, create value that escapes conventional taxation, leading to corporate tax avoidance and international competition. Legally, the volume analyzes the limitations of the current international tax framework, particularly the struggle of the OECD's Base Erosion and Profit Shifting (BEPS) project and the rise of digital services taxes (DSTs) as unilateral measures. The policy sections delve into potential solutions, including the OECD's Two-Pillar Solution (Pillar One and Pillar Two), but also explore national-level reforms related to VAT/GST, labor income, and environmental taxation. A key theme is the need for tax systems to become more adaptive and resilient, requiring significant international cooperation to ensure a fair and efficient allocation of taxing rights in a world increasingly defined by digital transactions.

Keywords. Digital Taxation; Base Erosion and Profit Shifting (BEPS); Pillar One, Pillar Two; Tax Competition; International Tax Law Reform.

JEL. D47; F23; H25; H87; K34.

2025 World Congress of Applied Economics & Policy (WCAEP 2025). Kuala Lumpur, July 7-10, 2025

EconSciences Library — 2026-01-15

The World Congress of Applied Economics & Policy (WCAEP 2025), held in Kuala Lumpur from July 7–10, 2025, emerged as one of the most comprehensive global gatherings for economists, policy analysts, librarians, data specialists, and researchers working across the full spectrum of applied economic sciences. The 2025 edition was distinguished not only by its impressive thematic range but also by the extensive availability of its Abstract Book and Proceedings Book, both of which are of particular relevance to scholars who emphasize literature mapping, bibliometric analysis, research synthesis, and the organization of economic knowledge—core areas of interest for Journal of Economics Library. This set of Conference Notes synthesizes the major intellectual contributions, methodological advancements, thematic patterns, and emerging research directions showcased throughout WCAEP 2025. Given the journal’s commitment to documenting, curating, and advancing the breadth of economic scholarship, this report places special emphasis on studies that highlight new data resources, literature trends, bibliometric insights, systematic reviews, and methodological innovations in economic research..

Keywords. Digital Taxation; Base Erosion and Profit Shifting (BEPS); Pillar One, Pillar Two; Tax Competition; International Tax Law Reform.

JEL. D47; F23; H25; H87; K34.

Front Matter

EconSciences Library — 2026-01-15

Front Matter