Category: Macro

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Macro

Narrative economics and black swans

What is “Narrative Economics”? Why narratives have an economic impact? Can the memory of a black swan event, like the 2008 financial crisis, prevent people from spending and investing even today?

Macro

Housing prices and labor allocation

Three new papers shed light on how housing regulation affects productivity, worker allocation, wage dispersion and economic growth.

Macro

New research on the r-star

Has the equilibrium real interest rate declined? Two new research papers dispute this recent research finding. What policy rule should Central Banks follow when the level of r-star is uncertain, asks John Williams, of the San Francisco Fed.

Macro

The declining share of labor

In the last couple of years many theories have been put forth explaining the decline of the labor share in advanced countries. In this newsletter we present a recent research which suggests that monopoly power together with globalization better explain the reduction in labor share.

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