This paper builds on the Euler-equation approach to adaptive learning (AL) by considering term structure information in addition to macroeconomic data. We consider a medium-scale DSGE model where the term structure expectations hypothesis is imposed. The model estimated under AL using term structure information has a better fit. Estimation results show that term structure provides useful real-time information in forecasting macroeconomic variables above and beyond that provided by revised macroeconomic data. In particular, term structure information greatly improves the matching of AL expectations to the corresponding forecasts reported in the Survey of Professional Forecasters, which further contributes to the empirical validity of AL.

We study the behavior of the U.S. labor share over the past 90 years. We find that the observed decline of the labor share is entirely explained by the capitalization of intellectual property products in the national income and product accounts.

The paper analyzes how the influence of peer effects on self-control affects capital accumulation. Individuals are tempted to take the economy-wide average consumption as an aspiration. They face a self-control problem, and observing each other’s consumption determines the individual’s capacity to deal with this problem. The crucial point would be whether or not consumers take the consumption of the individuals belonging to the other living generations as a reference in forming their aspirations.

This paper explores how changes in energy intensity and the switch to renewables can boost economic growth. In doing so, we implement a dynamic panel data approach on a sample of 134 countries over the period 1960 to 2010. We find evidence that improving energy intensity can contribute to reconcile growth and the environment at the worldwide level. Moving towards frontier renewables (wind, solar, wave or geothermic) on top of that, enhances economic growth while reducing CO₂ emissions.

In this article, we design estimate a novel yield curve model for a panel of international countries and show that global factors account for more than 80 percent of term premiums in advanced economies. Global factors have a key role in shaping risk-neutral rates and term premium dynamics, especially in the post 2008 financial crisis period.

The effect of investing in equipment and/or structures on TFP and long run growth is investigated here. We argue that economies can grow in spite of stagnant TFP if the investment rate is inefficiently high. We study the case of Spain where real GDP per worker grew at 2.74 percent annually and TFP was stagnant during 1996–2007. We show that low Spanish TFP is due to low ISTC and an inefficiently high investment in residential structures. We quantify the effect of the housing boom of the 2000s, the total cost of subsidies to residential structures in terms of TFP and income growth.