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In industries where consumption generates negative externalities and internalities, governments can attempt to curb excess demand by restricting supply. However, this strategy may simply shift …
Discussion paper
This paper studies the effects of overreaction to recent news for macroeconomic outcomes in the context of a quantitative model of sovereign debt and default. Overreaction is formalized in terms of …
Discussion paper
A growing literature discusses negative effects of the Covid-19 pandemic on college students’ learning outcomes. We extend this literature to vocational education and study the effect of the first …
Discussion paper