What caught my eye today: How did U.S. consumers use their stimulus payments, origins of the decline in labor’s share, and COVID-19 in emerging markets

How Did U.S. Consumers Use Their Stimulus Payments? Olivier Coibion, Yuriy Gorodnichenko, Michael Weber find that “Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15 percent reporting that they mostly spent it. When providing a detailed breakdown of how they used their checks, individuals report having spent or planning to spend only around 40 percent of the total transfer on average.”

https://www.nber.org/papers/w27693

Demographic Origins of the Decline in Labor’s Share. The authors of this paper (Andrew Glover and Jacob Short) argue that when employees get older, they have less employment options and their bargaining power decreases. Interesting thoughts, which seem to be supported by good theoretical and empirical work.

https://www.bis.org/publ/work874.pdf

COVID-19 in emerging markets: Escaping the monetary policy procyclicality trap:

https://voxeu.org/article/covid-19-emerging-markets-escaping-monetary-policy-procyclicality-trap

On the economics of skyscrapers:

https://voxeu.org/article/economics-skyscrapers-synthesis

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