In economics, money illusion, or price illusion, is the name for the human cognitive bias to think of money in nominal, rather than real, terms. In other words, the face value of money is mistaken for its purchasing power at a previous point in time. Viewing purchasing power as measured by the nominal value is false, as modern fiat currencies have no intrinsic value and their real value depends purely on the price level. The term was coined by Irving Fisher in Stabilizing the Dollar. It was popularized by John Maynard Keynes in the early twentieth century, and Irving Fisher wrote an important book on the subject, The Money Illusion, in 1928.
John August List is an American economist at the University of Chicago, where he serves as Kenneth C. Griffin Distinguished Service Professor; from 2012 until 2018, he served as Chairman of the Department of Economics. List is noted for his pioneering contributions to field experiments in economics. As detailed in his popular science book, The Why Axis, List uses field experiments to offer new insights in various areas of economics research, such as education, private provision of public goods, social preferences, prospect theory, environmental economics, marketplace effects on corporate and government policy decisions, and multi-unit auctions.
Fabrizio Zilibotti is an Italian economist. He is the Tuntex Professor of International and Development Economics at Yale University. Zilibotti was previously Professor of Economics at University College London, the University of Zürich, and at the Institute for International Economic Studies in Stockholm. He has been a co-editor of Econometrica, managing editor of the Review of Economic Studies (2002-2006), and chief editor of the Journal of the European Economic Association (2009-2014). In addition, he is an Associate Editor of the Journal of Economic Growth and of China Economic Review. He is a fellow of the Econometric Society, of the NBER and of the CEPR, and a member of the Academia Europaea honoris causa. In 2016, Zilibotti was the President of the European Economic Association. He has published articles in several international journals, among them, the American Economic Review, Econometrica, the Journal of Political Economy, the Quarterly Journal of Economics, and the Review of Economic Studies.
Simeon Dyankov is a Bulgarian economist and Senior Fellow at the Peterson Institute for International Economics. From 2009 to 2013, he was the Deputy Prime Minister and Minister of Finance of Bulgaria in the government of Boyko Borisov. Prior to his cabinet appointment, Simeon Dyankov was a Chief economist of the finance and private sector vice-presidency of the World Bank. He was an associate editor of the Journal of Comparative Economics from 2004 to 2009. Dyankov was a chairman of the board of the European Bank for Reconstruction and Development. In 2013, he was appointed rector of the New Economic School in Moscow, a title he held until July 2015. Since November 2015, Dyankov was research fellow of the Financial Markets Group at the London School of Economics.
Jonathan Holmes Gruber is an American professor of economics at the Massachusetts Institute of Technology, where he has taught since 1992. He is also the director of the Health Care Program at the National Bureau of Economic Research, where he is a research associate. An associate editor of both the Journal of Public Economics and the Journal of Health Economics, Gruber has been heavily involved in crafting public health policy.
Exchange-rate pass-through (ERPT) is a measure of how responsive international prices are to changes in exchange rates.
Edward "Ted" Andrew Miguel is the Oxfam Professor of Environmental and Resource Economics in the Department of Economics at University of California, Berkeley, USA. He is the founder and faculty director of the Center for Effective Global Action (CEGA) at U.C. Berkeley.
Eldar Shafir is an American behavioral scientist, and the co-author of Scarcity: Why Having Too Little Means So Much. He is the Class of 1987 Professor in Behavioral Science and Public Policy; Professor of Psychology and Public Affairs at Princeton University Department of Psychology and the Woodrow Wilson School of Public and International Affairs.
Jens Otto Ludwig is a University of Chicago economist whose research focuses on social policy, particularly urban issues such as poverty, crime, and education. He is McCormick Foundation Professor of Social Service Administration, Law, and Public Policy in the School of Social Service Administration and Harris School of Public Policy Studies at the University of Chicago, where he also serves as Co-Director of the university's Urban Education and Crime Labs.
Jeffrey Richard Kling is the research director at the Congressional Budget Office, and was previously the associate director for economic analysis. Kling is also a faculty research fellow at the National Bureau of Economic Research and a senior investigator for the long-term evaluation of the Moving to Opportunity randomized housing mobility experiment.
Marianne Bertrand is a Belgian economist who currently works as Chris P. Dialynas Professor of Economics at the University of Chicago's Booth School of Business. Bertrand belongs to the world's most prominent labour economists in terms of research, which has been awarded the 2004 Elaine Bennett Research Prize and the 2012 Sherwin Rosen Prize for Outstanding Contributions in the Field of Labor Economics.She is a research fellow of the National Bureau of Economic Research, and the IZA Institute of Labor Economics.
Heidi Williams is the Charles R. Schwab Professor of Economics at Stanford University and a member of the National Bureau of Economic Research. She is a graduate of Dartmouth College, and earned her MSc in development economics from Oxford University and her PhD in Economics from Harvard University. Prior to Stanford, Williams was an associate professor at the Massachusetts Institute of Technology.
A type of study used in economics, sociology, political science, and psychology, an audit study is one in which trained employees of the researcher ("auditors") are matched on all characteristics except the one being tested for discrimination. These auditors then apply for a service, be it a job, financial advice regarding their stock portfolio, housing, or a credit card, to test for discrimination.
Ebonya L. Washington is Samuel C. Park Jr. Professor of Economics at Yale University. She is also a National Bureau of Economic Research Faculty Research Fellow in the Programs on Political Economy and the Economics of Children. She was elected to the American Academy of Arts & Sciences in 2021.
Emi Nakamura is an American economist and the Chancellor's Professor of Economics at University of California, Berkeley.
Nathan Nunn is a Canadian economist and the Frederic E. Abbe Professor of Economics at Harvard University. Being one of the world's most prominent economic historians, he is perhaps best known for his research on the long-term effects of slave trade on Africa. Other research interests include economic development, cultural economics, political economy and international trade.
Adriana Lleras-Muney is a Colombian-American economist. She is currently an Economics professor at the Department of Economics at UCLA. She was appointed as Associate Editor for the Journal of Health Economics in 2014 until today and is also one of the six elected members of the AEA Executive committee in 2018. Her research and study fields examins factors of socio-economic status and health with a particular focus on education, income, and economic development. In 2017, she was the recipient for the Presidential Early Career Awards for Scientists and Engineers (PECASE) by President Obama.
Muriel Niederle is a professor in the Department of Economics at Stanford University. Niederle teaches courses at Stanford University focusing specifically on experimental economics and market design. Muriel Niederle is interested in studying behavioral and experimental economics. Niederle's most recent publication was "Probabilistic States versus Multiple Certainties: The Obstacle of Uncertainty in Contingent Reasoning" in November 2017. She was elected a Fellow of the Econometric Society in 2017.
Paola Sapienza is an economist and the Professor Donald C. Clark/HSBC Chair in Consumer Finance at the Kellogg School of Management at Northwestern University.
Matthias Doepke is a German economist and currently HSBC Research Professor at Northwestern University. His research focuses on economic growth, development, political economy and monetary economics.
pronunciation (help·info)) (born c. 1973) is an American professor of Computation and Behavioral Science at the University of Chicago Booth School of Business and the author of Scarcity: Why Having Too Little Means So Much [2] (with Eldar Shafir). He was hired with tenure by Harvard in 2004 after having spent six years at MIT.
