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Dampening General Equilibrium : Incomplete Information and Bounded Rationality
Angeletos, Marios; Lian, Chen - National Bureau of Economic Research - 2022
We review how realistic frictions in information and/or rationality arrest general equilibrium (GE) feedbacks. In one specification, we maintain rational expectations but remove common knowledge of aggregate shocks. In another, we replace rational expectations with Level-k Thinking or a smooth...
Persistent link: https://www.econbiz.de/10012938745
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Natural and Neutral Real Interest Rates : Past and Future
Obstfeld, Maurice - National Bureau of Economic Research - 2023
This paper surveys the decline in real interest rates in advanced and emerging economies over the past several decades, linking that process to a range of global factors that have operated with different force in different periods. The paper argues that estimates of long-run equilibrium real...
Persistent link: https://www.econbiz.de/10014447270
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The Female Happiness Paradox
Blanchflower, David G.; Bryson, Alex - National Bureau of Economic Research - 2022
Using data across countries and over time we show that women are unhappier than men in unhappiness and negative affect equations, irrespective of the measure used - anxiety, depression, fearfulness, sadness, loneliness, anger - and they have more days with bad mental health and more restless...
Persistent link: https://www.econbiz.de/10013172192
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International Climate Agreements and the Scream of Greta
Maggi, Giovanni; Staiger, Robert W. - National Bureau of Economic Research - 2022
Current policies directed at mitigating global warming appear unlikely to prevent temperatures from rising to levels that would trigger a precipitous increase in the costs of climate change. Various attempts at international cooperation to avoid this outcome have failed. Why is this problem so...
Persistent link: https://www.econbiz.de/10013462728
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Adapting to Flood Risk : Evidence from a Panel of Global Cities
Gandhi, Sahil; Kahn, Matthew E.; Kochhar, Rajat; Lall, … - National Bureau of Economic Research - 2022
Urban flooding poses danger to people and places. People can adapt to this risk by moving to safer areas or by investing in private self-protection. Places can offset some of the risk through urban planning and infrastructure investment. By constructing a global city data set that covers the...
Persistent link: https://www.econbiz.de/10013334356
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Inflation Targets : Practice Ahead of Theory
King, Mervyn - National Bureau of Economic Research - 2024
Inflation targets were introduced well ahead of the development of the theory of inflation targeting. The practice was … accountable fashion - "constrained discretion"; the later theory was less useful because it purported to be a theory of the … determination of the price level. But inflation targeting does not constitute a new theory of the monetary transmission mechanism …
Persistent link: https://www.econbiz.de/10014576623
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Old Moats for New Models : Openness, Control, and Competition in Generative AI
Azoulay, Pierre; Krieger, Joshua L.; Nagaraj, Abhishek - National Bureau of Economic Research - 2024
Drawing insights from the field of innovation economics, we discuss the likely competitive environment shaping generative AI advances. Central to our analysis are the concepts of appropriability--whether firms in the industry are able to control the knowledge generated by their innovations--and...
Persistent link: https://www.econbiz.de/10014544752
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Pandemic-Era Inflation Drivers and Global Spillovers
Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - National Bureau of Economic Research - 2023
We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020-2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative...
Persistent link: https://www.econbiz.de/10014437018
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Anatomy of Technology and Tasks in the Establishment
Cirera, Xavier; Comin, Diego; Cruz, Marcio José Vargas da - National Bureau of Economic Research - 2024
We construct a grid that covers the key business functions of an establishment and the main technologies used in each of them. We populate this grid with data from over 20,000 establishments in 15 countries. We use this dataset to document novel "facts" about how establishments use technology,...
Persistent link: https://www.econbiz.de/10014512135
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Early Childhood Development, Human Capital and Poverty
Attanasio, Orazio P.; Cattan, Sarah; Meghir, Costas - National Bureau of Economic Research - 2021
Children's experiences during early childhood are critical for their cognitive and socio-emotional development, two key dimensions of human capital. However, children from low income backgrounds often grow up lacking stimulation and basic investments, leading to developmental deficits that are...
Persistent link: https://www.econbiz.de/10012660040