William Nordhaus Dies; Nobel Winner Influenced Climate Policy
The Yale professor moved climate change into mainstream economic analysis.
Sequoia shuts London office as VC firm refocuses on Silicon Valley
Retreat of high-profile tech investor is setback to UK’s hopes of positioning itself as leading player in the AI industry
Why a company donating $20,000 a month counts for more than $240,000 once a year in the eyes of customers
Repeated giving may give the impression that companies care more. useng/iStock via Getty Images PlusPeople tend to think more highly of companies that give to charity on a monthly or weekly basis rather than donating an annual lump sum worth the same amount.
CVS Health to break up $117bn healthcare empire
Spin-off of roughly 9,000 pharmacies comes as political pressure mounts on pharmacy benefit managers and health insurers
Fireworks provide a few minutes of joy, but the economic and environmental costs last much longer
Rawpixel.com/ShutterstockEvery Bonfire Night, people pay for a box of fireworks so their friends and family can enjoy the colourful display. Within a few minutes, it’s all over. But the price on the box doesn’t reflect the hidden costs. The smoke inhaled by neighbours, the animals disturbed or the public services called out when things go wrong.
Why so many British pubs are closing down
Matthew Troke/ShutterstockBritish pubs are disappearing at an alarming rate. Last year around eight closed down every week.
Starling Bank chief to step down after just two years
UK digital bank steps up succession planning after Raman Bhatia told board he no longer wanted to run fintech
Mitsotakis takes on three rivals as ND shifts to election footing
In a sign that the political contest is intensifying, PM Kyriakos Mitsotakis has gone on the offensive on three fronts, targeting those he views as his main political opponents in the upcoming elections.
Deep-π*: a neural network estimate of trend inflation
Most empirical models of trend inflation treat it as a latent random walk driven by unobserved shocks, so they cannot say which economic conditions move it. Deep- π*makes the innovations to the trend a possibly nonlinear function of a large number of macroeconomic indicators, estimated with neural networks, so that Shapley values can be used to attribute every movement of the trend to the indicators behind it. Two complementary loss functions define a current trend, which fits inflation today, and a forward-looking trend, which best predicts inflation over the next year.
Deep-π*: a neural network estimate of trend inflation
Most empirical models of trend inflation treat it as a latent random walk driven by unobserved shocks, so they cannot say which economic conditions move it. Deep- π*makes the innovations to the trend a possibly nonlinear function of a large number of macroeconomic indicators, estimated with neural networks, so that Shapley values can be used to attribute every movement of the trend to the indicators behind it. Two complementary loss functions define a current trend, which fits inflation today, and a forward-looking trend, which best predicts inflation over the next year.
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