Empirical analyses starting from Laubach and Williams (2003) find that the natural rate of interest is not constant in the long-run. This paper studies the optimal response to stochastic changes of the long-run natural rate in a suitably modified version of the new Keynesian model. We show that,...

Studies have shown that the previously growing inequality in China has stabilized and even declined since 2008 (Kanbur et al., 2021), nevertheless, the drivers of the latest trans-formation in income inequality remain to be unraveled. We address this research gap by examining the changes in the...

Unter Low Value Care werden Leistungen verstanden, die im individuellen Kontext (a) den Patienten wenig oder keinen Nutzen bringen, (b) potenziell Schaden verursachen, (c) unnötige Kosten verursachen und/oder (d) im Vergleich zur Anwendung alternativer Leistungen bzw. der Anwendung bei einer...