Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...

The preparations for the September 2024 Summit of the Future (SOTF) are well underway. In this process, the UN Secretary-General and most OECD countries argue that multistakeholderism should now be accepted as a part of global governance and multilateralism. This paper argues the opposite:...

We study how the effects of U.S. restrictions on skilled immigration affect the Canadian economy and American workers' welfare. In 2017, the United States implemented a policy that tightened the eligibility criteria for U.S. visas. This was followed immediately by a trend break in the number of...

Bayesian predictive synthesis (BPS) is a method of combining predictive distributions based on agent opinion analysis theory, which encompasses many common approaches to combining density forecasts. The key ingredient in BPS is a synthesis function. This is typically specified parametrically as...

This paper investigates the differential impact of monetary policy on homeownership and housing returns among Black, Hispanic and White households. Using data on 13 million repeat sales from 1993 to 2020, we construct and analyze race-specific entries and exits of homeownership and housing...

This paper examines the value of direct communication to households about inflation and the uncertainty around inflation statistics. All types of information about inflation are effective at immediately managing inflation expectations, with information about outlooks being more effective and...