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Although higher status or income rank is known to generate hedonic pleasure, little is known about the search for rank information. We report an experiment eliciting rank beliefs and providing rank …
Discussion paper
This study characterizes optimal policy in an endogenous growth model where heterogeneous individuals choose between entering the workforce as unskilled labor or pursuing education to become skilled. …
Discussion paper
This paper considers average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have …
Discussion paper