This week's IGM Economic Experts Panel Statement:
Insights from psychology about individual behavior – examples of which include limited rationality, low self-control, or a taste for fairness – predict several important types of observed market outcomes that fully-rational economic models do not.
Behavioral Economics
This week's IGM Economic Experts Panel Statement:
The influx of refugees into Germany beginning in the summer of 2015 will generate net economic benefits for German citizens over the succeeding decade.
This week’s IGM Economic Experts Panel statements:
A) Holding labor market institutions and job training fixed, rising use of robots and artificial intelligence is likely to increase substantially the number of workers in advanced countries who are unemployed for long periods.
B) Rising use of robots and artificial intelligence in advanced countries is likely to create benefits large enough that they could be used to compensate those workers who are substantially negatively affected for their lost wages.
This week's IGM European Economic Experts Panel statement:
The influx of refugees into Germany beginning in the summer of 2015 will generate net economic benefits for German citizens over the succeeding decade.
This week's IGM Economic Experts Panel statements:
A) If the Fed changed its inflation target from 2% to 4%, the long-run costs of inflation for households would be essentially unchanged.
B) Raising the inflation target to 4% would make it possible for the Fed to lower rates by a greater amount in a future recession.
This week's IGM European Economic Experts Panel statements:
A) Holding labor market institutions and job training fixed, rising use of robots and artificial intelligence is likely to increase substantially the number of workers in advanced countries who are unemployed for long periods.
B) Rising use of robots and artificial intelligence in advanced countries is likely to create benefits large enough that they could be used to compensate those workers who are substantially negatively affected for their lost wages.
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