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This paper documents an increasing intergenerational income persistence in China since economic reforms were introduced in 1979. The intergenerational income elasticity increases from 0.390 for the 1970-1980 birth cohort to 0.442 for the 1981-1988 birth cohort; this increase is more evident...
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Psychology : the three antinomies of greed -- Mathematics : why physics is value free and economics isn't -- Money … : the distinguishing idea of economics -- Price : the law of supply and demand works backward -- Labor : where it all begins … : the labor theory of right -- Justice : why micro and macro don't always mix -- Productivity : a seductive fallacy …
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Fabian Schnell develops a model indicating that by keeping real interest rates too low, monetary policy can distort the allocation of resources across firms and potentially delay economic recovery after a recession. This is a new channel of monetary policy that is especially relevant in view of...
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