We investigate how the Federal Reserve (Fed) hit the zero lower bound (ZLB) interest rate while operating under a Taylor-type policy rule. We estimate a reaction function and the results indicate that during the crisis Fed increased the weight on output without also increasing the weight on...

Meritocracies aspire to reward effort and hard work but promise not to judge individuals by the circumstances they were born into. The choice to work hard is, however, often shaped by circumstances. This study investigates whether people's merit judgments are sensitive to this endogeneity of...

Meritocracies aspire to reward hard work and promise not to judge individuals by the circumstances into which they were born. However, circumstances often shape the choice to work hard. I show that people's merit judgments are "shallow" and insensitive to this effect. They hold others...

Replication crisis and debates about p-values have raised doubts about what we can statistically infer from research findings, both in experimental and observational studies. With a view to the present debate on inferential errors, this paper systematizes and discusses experimental designs with...