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Tag Archives: Academic research & research papers

Economic uncertainty and divisive politics: evidence from Spain 1905-45

Sandra García-Uribe, Hannes Mueller and Carlos San in this Bank of Spain working paper: This article exploits two newspaper archives to track economic policy uncertainty in Spain in 1905-1945, a period of extreme political polarization. We fi nd that the outbreak of the civil war in 1936 was anticipated by a striking upward level shift of uncertaintyin both newspapers. We study the dynamics behind this shift and provide evidence of a strong empirical link between increasing uncertainty...

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Personnel Management and School Productivity: Evidence from India

Renata Lemos, Karthik Muralidharan & Daniela Scur in this NBER paper: This paper uses new data to study school management and productivity in India. We report four main results. First, management quality in public schools is low, and ~2σ below high-income countries with comparable data. Second, private schools have higher management quality, driven by much stronger people management. Third, people management quality is correlated with both independent measures of teaching...

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The economic impact of ancient colonisation

Dimitris K. Chronopoulos, Sotiris Kampanelis, Daniel Oto-Peralías and John O.S. Wilson in this voxeu research: The enduring impact of ancient colonialism can still be felt in the economic geography of the Mediterranean region. This column combines historical data on ancient colonies with current data on economic outcomes to show that areas once colonised by the Phoenicians, Greeks, and Etruscans have higher population densities and enhanced economic activity to this day – effects due...

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Inflation targeting in India and sudden capital flows

Prof Gurbachan Singh of ISI in this I4I piece proposes two fiscal policy measures which will help RBI target inflation and take care of sudden capital flows: Current law in India mandates a review of the target inflation rate by 31 March 2021 for a five-year period. Several critics have called for abandoning the flexible inflation targeting regime altogether. In this post, Gurbachan Singh shows that flexible inflation targeting can accentuate the problem of sudden capital flows, and that...

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The digital economy and the euro area

Robert Anderton, Valerie Jarvis, Vincent Labhard, Filippos Petroulakis, Ieva Rubene and Lara Vivian of ECB in this piece: Digitalisation – the diffusion of digital technologies leading to a digital economy – is “virtually everywhere”. It transforms patterns of consumption and production, business models, preferences and relative prices, and thereby entire economies, making it an important issue from a central banking perspective. Some of the key effects of digitalisation relevant to...

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A Review of Nudges: Definitions, Justifications, Effectiveness

Luca Congiu  and Ivan Moscati of University of Insubria (Italy) in this research piece: In an influential book published in 2008, Thaler and Sunstein suggested a novel approach to policy making based on the notion of a ‘nudge.’ Roughly speaking, a nudge is defined as an aspect of the decisional context that steers people’s decisions by acting on their cognitive biases. The book generated an intense debate, over the course of which concerns were raised about: (1) the exact definition of...

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Best of Mankiw: Errors and Tangles in the World’s Best-Selling Economics Textbooks

Prof Peter Bofinger of Würzburg University in this post on INET economics: It is always surprising what reactions a few tweets can trigger. My now ten-part Twitter series (summarized here) on key passages from the introductory book (Mankiw 2015) and the macroeconomics book (Mankiw 2019) by N. Gregory Mankiw has met with an incredibly great response. I did not expect it at all. But considering that these textbooks have reached a worldwide circulation of about 4 million according to...

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Monetary Policy Transmission in India: New Evidence from Firm-Bank Matched Data

Saurabh Ghosh, Abhinav Narayanan and Pranav Garg in this new RBI paper: Monetary policy transmission has remained a pivotal topic of interest across all central bankers. Empirically, however, it is hard to dis-entangle the effects of a policy change on firms’ investment demand, banks’ credit supply and their interactions. This paper uses a unique firm-bank matched data set from India to provide new insights into the monetary policy transmission mechanism. The findings of the paper...

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Fast and Slow in “The Queen’s Gambit”

Ken Rogoff on the recent Netflix series on chess and rise of online chess: Super-fast computer programs and massive databases have had a profound impact on professional chess in recent years. But, despite the threat of cheating, the game is currently in remarkable creative and economic health – not least because it is fantastically suited to the online world. This entry was posted on January 5, 2021 at 3:31 pm and is filed under...

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Vernacularisation and linguistic democratisation

Interesting research by Christine Binzel, Andreas Link, Rajesh Ramachandran: The use of a language in written and formal contexts that is distinct from the languages used in everyday communication – such as Latin in early modern Europe and Standard Arabic in the Arabic-speaking world, both past and present – comes with benefits, but also with costs. Drawing on publishing data from early modern Europe, this column shows that the Protestant Reformation led to a sudden and sharp rise in...

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