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Federal Reserve Bank of New York Staff Reports: Federal Reserve Bank of New York: Unpacking "Ordinal Complementarity" for Stronger Economic Policy and Skill Formation (Explained)
This episode delves into a new Federal Reserve Bank of New York research paper introducing "ordinal complementarity," a robust way to understand how inputs interact in production processes. We'll explain why this definition offers stronger, more reliable policy implications, particularly for social planner problems and the empirical study of cognitive skill formation in children. Read the full paper at https://www.newyorkfed.org/research/staff_reports/sr1199 and share your thoughts at feedback@econpod.org. This episode explains a real academic paper in plain English for a general audience…
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