Category: Macro

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Macro

The modern firm

The Medici cycle and why the rising income inequality is driven by firm-level inequality.

Macro

On inflation

Can big corporate deals and value chains provide an explanation for why the Phillips curve has flattened?

Macro

Structural reforms

New research on when are structural reforms implemented, which reforms have the largest impact on GDP and what is the interplay between the government and the private sector that makes reforms successful.

Macro

Uncertainty

What explains the disconnect between political uncertainty and stock market volatility in the US. Are we on the cups of a correction or a boom? Hansen and Sargent’s new paper on uncertainty and tenuous beliefs.

Macro

Sunspots

Why sunspots ideas did not capture the hearts of the economic profession? On the origins of the DSGE literature.

Macro

Changing patterns in capital flows

How capital flows have changed after the Global financial crisis. What are the global risks from the expansion of FDI outflows from emerging markets.

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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