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Finance

Why any estimate of the cost of climate change will be flawed

When William Nordhaus, who would later win a Nobel prize in economics, modelled the interaction between the economy and the atmosphere he represented the “damage function”—an estimate of harm done by

Finance

The house-price supercycle is just getting going

After THE financial crisis of 2007-09, global house prices fell by 6% in real terms. But, before long, they picked up again, and sailed past their pre-crisis peak. When covid-19 struck, economists rec

Finance

Vast government debts are riskier than they appear

At the annual gathering of central bankers in Jackson Hole, Wyoming, attendees enjoy R&R: research and recreation. The latter usually involves a pleasant hike by the lake, but last year a rainstor

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