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Aggregate Shocks and the Formation of Preferences and Beliefs

2024-09-13
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Release : 2024-09-13
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Book Synopsis Aggregate Shocks and the Formation of Preferences and Beliefs by : Ms. Paola Giuliano

Download or read book Aggregate Shocks and the Formation of Preferences and Beliefs written by Ms. Paola Giuliano. This book was released on 2024-09-13. Available in PDF, EPUB and Kindle. Book excerpt: A growing body of work has shown that aggregate shocks affect the formation of preferences and beliefs. This article reviews evidence from sociology, social psychology, and economics to assess the relevance of aggregate shocks, whether the period in which they are experienced matters, and whether they alter preferences and beliefs permanently. We review the literature on recessions, inflation experiences, trade shocks, and aggregate non-economic shocks including migrations, wars, terrorist attacks, pandemics, and natural disasters. For each aggregate shock, we discuss the main empirical methodologies, their limitations, and their comparability across studies, outlining possible mechanisms whenever available. A few conclusions emerge consistently across the reviewed papers. First, aggregate shocks impact many preferences and beliefs, including political preferences, risk attitudes, and trust in institutions. Second, the effect of shocks experienced during young adulthood is stronger and longer lasting. Third, negative aggregate economic shocks generally move preferences and beliefs to the right of the political spectrum, while the effects of non-economic adverse shocks are more heterogeneous and depend on the context.

Technology Shocks and Aggregate Fluctuations

2004-12-01 Business & Economics
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Release : 2004-12-01
Genre : Business & Economics
Kind : eBook
Book Rating : 657/5 ( reviews)

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Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal

Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal. This book was released on 2004-12-01. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

The Housing Boom and Bust

2009-05-12 Business & Economics
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Release : 2009-05-12
Genre : Business & Economics
Kind : eBook
Book Rating : 807/5 ( reviews)

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Book Synopsis The Housing Boom and Bust by : Thomas Sowell

Download or read book The Housing Boom and Bust written by Thomas Sowell. This book was released on 2009-05-12. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.

Hysteresis and Business Cycles

2020-05-29 Business & Economics
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Release : 2020-05-29
Genre : Business & Economics
Kind : eBook
Book Rating : 990/5 ( reviews)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra. This book was released on 2020-05-29. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

The Impact of International Migration on Inclusive Growth: A Review

2021-03-19 Business & Economics
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Release : 2021-03-19
Genre : Business & Economics
Kind : eBook
Book Rating : 966/5 ( reviews)

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Book Synopsis The Impact of International Migration on Inclusive Growth: A Review by : International Monetary Fund

Download or read book The Impact of International Migration on Inclusive Growth: A Review written by International Monetary Fund. This book was released on 2021-03-19. Available in PDF, EPUB and Kindle. Book excerpt: International migration is an important channel of material improvement for individuals and their offspring. The movement of people across country borders, especially from less developed to richer countries, has a substantial impact in several dimensions. First, it affects the migrants themselves by allowing them to achieve higher income as a result of their higher productivity in the destination country. It also increases the expected income for their offspring. Second, it affects the destination country through the impact on labor markets, productivity, innovation, demographic structure, fiscal balance, and criminality. Third, it can have a significant impact on the countries of origin. It may lead to loss of human capital, but it also creates a flow of remittances and increases international connections in the form of trade, FDI, and technological transfers. This paper surveys our understanding of how migration affects growth and inequality through the impact on migrants themselves as well as on the destination and origin countries.

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