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Production, Trade, and Cross-Border Data Flows

Chang, Qing; Cong, Lin William; Liyong, Wang; Zhang, … - National Bureau of Economic Research - 2023

-existing development gaps in data economies on each country's production and international trade. Raw data as byproducts of consumption can …

Persistent link: https://www.econbiz.de/10014322803

Life-cycle Forces make Monetary Policy Transmission Wealth-centric

Beaudry, Paul; Cavallino, Paolo; Willems, Tim - National Bureau of Economic Research - 2024

of consumption/saving decisions, thereby enriching the determinants of aggregate demand and affecting the transmission of …

Persistent link: https://www.econbiz.de/10014544789

Fiscal Histories

Cochrane, John H. - National Bureau of Economic Research - 2022

The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...

Persistent link: https://www.econbiz.de/10013361983

What Drives Inflation? Lessons from Disaggregated Price Data

Rubbo, Elisa - National Bureau of Economic Research - 2024

The Covid pandemic disrupted supply chains and labor markets, with heterogeneous effects on demand and supply across industries. Meanwhile governments responded with unprecedented stimulus packages, and inflation increased to its highest values in 40 years. In this paper I investigate the...

Persistent link: https://www.econbiz.de/10014512048

China's Macroeconomic Development : The Role of Gradualist Reforms

Chen, Kaiji; Zha, Tao - National Bureau of Economic Research - 2023

This paper reviews recent literature on China's macroeconomic development, emphasizing the critical role of the gradualist approach over the past four decades. Beyond China's structural transformation, we explore various aspects such as high saving rates, the housing boom, an expanding current...

Persistent link: https://www.econbiz.de/10014322782

Sentiment, Productivity, and Economic Growth

Kōnstantinidēs, Giōrgos; Montone, Maurizio; Potì, … - National Bureau of Economic Research - 2023

Previous research finds correlation between sentiment and future economic growth, but disagrees on the channel that explains this result. In this paper, we shed new light on this issue by exploiting cross-country variation in sentiment and market efficiency. We find that sentiment shocks in G7...

Persistent link: https://www.econbiz.de/10014247952

Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities

Chari, Anusha - National Bureau of Economic Research - 2023

Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly open-end mutual funds and ETFs, accounts for nearly half of the external financing flows to emerging markets exceeding cross-border lending by global banks. Evidence suggests that investment...

Persistent link: https://www.econbiz.de/10014250161

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50 Billion U.S. Dollar or 90% in market value

Persistent link: https://www.econbiz.de/10013334473

Households' Response to the Wealth Effects of Inflation

Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - National Bureau of Economic Research - 2023

beliefs about nominal debt and their own real net wealth. These changes in beliefs causally affect actual consumption and … hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to inflation once …

Persistent link: https://www.econbiz.de/10014372429

Population and Welfare : The Greatest Good for the Greatest Number

Adhami, Mohamad; Bils, Mark; Jones, Charles I.; Klenow, … - National Bureau of Economic Research - 2023

people as well as their standard of living. We decompose social welfare growth -- measured in consumption-equivalent (CE …) units -- into contributions from rising population and rising per capita consumption. Because of diminishing marginal … utility from consumption, population growth is scaled up by a value-of-life factor that exceeds one and empirically averages …

Persistent link: https://www.econbiz.de/10014447320