We examine 597 estimates of habit formation reported in 81 published studies. The mean
reported strength of habit formation equals 0.4, but the estimates vary widely both within and …

This paper aims to assess tax policy reforms that can sustain universal basic income
programs and foster long-term growth and welfare in a currency union that faces fiscal rule …

Promoting energy efficiency optimization and upgrading the energy structure is a crucial
pathway for energy companies to achieve a green and low-carbon transformation. This …

The permanent income hypothesis implies that frictionless open economies with exhaustible
natural resources should save abroad most of their resource windfalls and, therefore, feature …

Macroeconomists have made substantial investments in Bayesian time series during the last
30 years. One reason is that Bayesian methods afford researchers the chance to estimate …

This paper contributes to the debate about fiscal multipliers by studying the impacts of
government investment in conventional neoclassical growth models. The analysis focuses …

This article investigates the degree to which government consumption expenditures
substitute or complement private consumption, one of the most important (and most …

How do information flows influence business cycle dynamics in models with anticipated
(news shocks) and unanticipated innovations? To address this question, we show how …

Habit persistence for imported goods and imported services has important policy
implications for economic shocks like Brexit. We find a moderate amount of habit persistence …

Even though prices at the macro level in Japan, like in Europe and the United States, are
sticky, individual prices as measured in micro data change frequently. The reason for this …