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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.

Brexit

British Pound: Topsy-Turvy

Gourinchas and al and Wren-Lewis have been expecting for the pound to continue depreciating without benefiting the UK economy. But the announcement of the June 8 general election might reverse the trend as new research by Sornette and al. indicates and Didion evaluates Prime Minister  May’s negotiating strategy.

Economic Science

Three new papers on expectations

Three interesting research papers have recently been published on alternative ways to formulate expectations:  Coibio Gorodnichenko and Kamdar write on imperfect information, Khaw, Li and Woodford on myopia,  and Gabaix and  Laibson on distorted perceptions.

Oil

The new oil market

How will this tug of war between OPEC and US shale oil producers will affect the balance between oil supply and demand going forward? This is the question that new research from the IMF and the University of Michigan are trying to answer.

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