We present evidence that the rise in inflation in Japan since 2014 is a result of a hidden stagflation: the relative prices of durable consumption and ICT investment goods stopped declining, reflecting technology stagnation and exerting an inflationary pressure on the economy and; the real side...

This paper investigates how the rules that corporations wrote for themselves related to their financing and performance in an environment characterized by poor investor protections, Imperial Russia. We present new data on detailed governance provisions from Imperial Russian corporate charters,...

On 10th April 2010, the Polish presidential plane crashed near Smolenks, Russia. The official Polish and Russian investigations attributed the crash to pilot error compounded by bad weather. Many Poles, however, believe that the crash was the result of a conspiracy. We use this event and unique...

The paper explains historical quarterly real 3-month US Treasury bill interest rates in the United States economy from 1975Q1-2020Q4. It extends the standard asset pricing model through fundamentals plus a user-cost wedge. The wedge arises from the consumer optimally avoiding the inflation tax...

This is the first of three webinars in our series how (model) uncertainty shapes our understanding of the macroeconomic impacts of climate change and climate mitigation policies. “The design and conduct of climate change policy necessarily confronts uncertainty along multiple fronts. We...

This policy panel will conclude our trilogy on the links between climate change and inflation. Our panelists will discuss the recent evidence of climate change and mitigation policies driving price levels and ask: are central banks in the position to act against these growing pressures? And what...

Donata Faccia, Miles Parker, and Livio Stracca, in their paper investigate how extreme temperatures affect medium-term inflation, the primary objective of monetary policy.

The E-axes Forum is an independent nonprofit, nonpartisan research organization on macroeconomic policies and sustainability. The Forum is dedicated to aggregating knowledge from around the globe with the aim to catalyze the engagement of economists and decision makers who are working on...

Michela Scatigna and Omar Zulaica, in their recent paper, ask: Do market participants respond to signals about the environmental and social benefits of projects or firms? What are roadblocks for ESG market development?