Since Romer and Romer (2000), a large literature has dealt with the relative forecasting performance of Greenbook macroeconomic forecasts of the Federal Reserve. This paper empirically reviews the existing results by comparing the different methods, data and samples used previously. The sample period is extended compared to previous studies and both real-time and final data are considered. We c...

Innovation serves as an important source of productivity growth. More than one half of the growth in the United States’ productivity between 1948 and 2014 came from innovators and entrepreneurs, who worked to create new products or make improvements to existing products.1 Academic research, such as Geroski (1989) and Romer (1990), has long acknowledged the importance of innovation to economic g...

implied by models with menu costs (see, among others, Ball and Romer, 1990, and Ball and Mankiw, 1994). In static (deterministic) settings, standard menu-cost models imply that “big” monetary policy shocks are neutral because firms would find it optimal to adjust nominal prices, while “small” monetary policy shocks would have real effects because keeping nominal prices fixed is associated with ...

Coexistence of identity-specific and financial externalities among bidders is a salient feature of auctions with buyers who are cross shareholders or competing firms in an oligopoly. This paper unifies these two types of externalities in revenue-maximizing auction design. Our main findings are the following. First, these two types of externalities can be unified through the framework of Myerson...

We implement a family of efficient proposals to share benefits generated in environments with externalities. These proposals extend the Shapley value to games with externalities and are parametrized through the method by which the externalities are averaged. We construct two slightly different mechanisms: one for environments with negative externalities and the other for positive externalities....

Network externalities exist when some people bear costs that they are not paid or compensated for, or when they get benefits that they do not pay for. Externalities may be positive or negative, depending on the effects they produce. There are also supply-side and demand-side network externalities. The paper discusses some aspects of demand-side network externalities, particularly when related t...

Abstract Innovation is often seen as a crucial factor for regional economic growth. Many strands of literature have investigated the role agglomeration externalities or workers’ skills in innovation capacity territory without ever considering their interaction. Using fixed-effects Poisson regression models on official data 2014–2019 Italian regions, this paper aims twofold. First, by controllin...

Introduction: The image quality of computed tomography (CT) can be seriously lowered by metal implants of patients. These implants are known to exert a significant impact on diagnostic accuracy due to artifacts. The current study aimed to assess the usefulness of Metal Artifact Reduction (MAR) software in the reduction of metal artifacts, in comparison to iterative rec...