Working Papers

We develop a three-country, stock-flow consistent macroeconomic model to study the effects of changes in both personal and functional income distribution on national current account balances.

The Obama stimulus remains controversial even as we approach the fourth anniversary of its launch.

We estimate the effect of the diffusion of photovoltaic (PV) systems on the fraction of votes obtained by the German Green Party.

This chapter discusses different approaches pursued to explore three broad questions related to technology diffusion: what general patterns characterize the diffusion of technologies, and how have they changed over time; what are the key drivers of technology, and what are the macroeconomic consequences of technology.

We study the lags with which new technologies are adopted across countries, and their long-run penetration rates once they are adopted.

Shadowy banking is safety-net arbitrage. It employs substitutes for products and activities performed within the traditional banking sector.

This paper considers a puzzle in growth theory from a Keynesian perspective.

We derive generalization error bounds — bounds on the expected inaccuracy of the predictions — for traditional time series forecasting models.

The European periphery is qualitatively dierent from the core.

Ireland has experienced a series of interlocking banking, fiscal, unemployment and political crises since 2007.

Contemporary mainstream economics has widely “poisoned the well” from which people get their ideas about the relationship between economics and ethics.

Recent empirical findings suggest that macroeconomic variables are seldom normally distributed.

Ambiguous private information leads to informational inefficiency of asset prices in rational expectations equilibrium.

The purpose of this Chartbook is to present a summary of evidence about changes in economic inequality – primarily income, earnings, and wealth – for 25 countries covering a 100 year period from 1911 to 2010.

While a substantial literature in economics and finance has concluded that women are more risk averse than men, this conclusion merits reconsideration.