Skip to content
The University Of Chicago UChicago
  • The University Of Chicago
  • Info For
    • Scholars
    • Students
    • Media
    • Pre-Doctoral Research Professionals
Becker Friedman Institute for Economics
  • About
        • About the Becker Friedman Institute
          The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...
        • Our Legacy
          Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
        • Visitors & Fellows
        • Our Team
        • BFI Employment Opportunities
        • Contact
  • Network
        • Research Initiatives
          • Big Data Initiative
          • Chicago Experiments Initiative
          • Health Economics Initiative
          • Industrial Organization Initiative
          • International Economics and Economic Geography Initiative
          • Macroeconomic Research Initiative
          • Political Economics Initiative
          • Price Theory Initiative
          • Public Economics Initiative
          • Ronzetti Initiative for the Study of Labor Markets
          • Socioeconomic Inequalities Initiative
        • View All caret-right
        • Regional Initiatives
          • BFI-China
          • BFI-Latin America
          • Tata Centre for Development
        • View All caret-right
        • Programs & Centers
          • Expanding Discovery in Economics+ (EDE+)
          • Development Economics Center
          • Global Center for Economic Growth - Growth Academy
          • Macro Finance Research Program
          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
        • View All caret-right
  • Scholars
    • UChicago Scholars
    • Visiting Scholars
    • Saieh Family Fellows
    • Predoctoral Research Professionals
  • Research
        • The Five Shanghai Themes
          Harald Uhlig

          This paper was written for the occasion of the 3rd Great Minds China Forum in Shanghai, May 2017 and presented there. It discusses five important macroeconomic themes. First, the growth in China relative to TFP. Second, house price and financial...

          Missing Markets for Innovation: Evidence from New Uses of Existing Drugs
          Eric Budish, Maya M. Durvasula, Benjamin N. Roin, and Heidi L. Williams

          For large classes of potential inventions, intellectual property rights that are available on paper are either not possible or not profitable for firms to enforce in practice. In this paper, we show that these missing incentives yield quantitatively significant underinvestment...

          The Impact of Language on Decision-Making: Auction Winners are Less Cursed in a Foreign Language
          Fang Fu, Leigh H. Grant, Ali Hortaçsu, Boaz Keysar, Jidong Yang, and Karen J. Ye

          As foreign language use becomes more commonplace in the globalized market, we ask whether using a foreign language systematically impacts financial decisions. We conducted a lab experiment in Beijing, China, with 357 native Mandarin Chinese speakers who know English as...

        • View All caret-right
  • Insights
        • Research Briefs

          Religion in Emerging and Developing Regions
          Partial Language Acquisition: The Impact of Conformity
          Navigating the College Affordability Crisis: Insights from College Savings Accounts
        • View All caret-right
        • BFI Data Studio

          The Hidden Volatility of American Workers’ Paychecks
          Why Has Regional Income Convergence in the U.S. Declined?
          Building Costs and House Prices​
        • View All caret-right
        • Podcasts

          Finding Your Why at Work: The Economics of Purpose
          Stuck: How Housing Regulation Ended America’s Mobility Revolution
          Building Costs vs. Housing Prices: Why Construction Isn’t Driving the Crisis
        • View All caret-right
        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Sep 19

          2025 Relational Contracts Conference

          Sep 25

          2025 AI in Social Science Conference

          Sep 26

          Fernando Alvarez at 60: Celebrating His Contributions to Economics and his Friendship

        • View All caret-right
  • News
    • BFI News
    • Media Mentions
    • Press Releases
Media Mention·Mar 7, 2022

No Ordinary Panic

City Journal; Harald Uhlig
Related People
  • Harald Uhlig
x bluesky facebook youtube
  • About
  • Frontier Research
  • Scholars
  • BFI Working Papers
  • Insights
  • News
  • Contact
  • Subscribe
  • Nondiscrimination Statement
  • Accessibility

© 2025 Becker Friedman Institute for Economics at the University of Chicago

  • About
        • About the Becker Friedman Institute
          The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...
        • Our Legacy
          Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
        • Visitors & Fellows
        • Our Team
        • BFI Employment Opportunities
        • Contact
  • Network
        • Research Initiatives
          • Big Data Initiative
          • Chicago Experiments Initiative
          • Health Economics Initiative
          • Industrial Organization Initiative
          • International Economics and Economic Geography Initiative
          • Macroeconomic Research Initiative
          • Political Economics Initiative
          • Price Theory Initiative
          • Public Economics Initiative
          • Ronzetti Initiative for the Study of Labor Markets
          • Socioeconomic Inequalities Initiative
        • View All caret-right
        • Regional Initiatives
          • BFI-China
          • BFI-Latin America
          • Tata Centre for Development
        • View All caret-right
        • Programs & Centers
          • Expanding Discovery in Economics+ (EDE+)
          • Development Economics Center
          • Global Center for Economic Growth - Growth Academy
          • Macro Finance Research Program
          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
        • View All caret-right
  • Scholars
    • UChicago Scholars
    • Visiting Scholars
    • Saieh Family Fellows
    • Predoctoral Research Professionals
  • Research
        • The Five Shanghai Themes
          Harald Uhlig

          This paper was written for the occasion of the 3rd Great Minds China Forum in Shanghai, May 2017 and presented there. It discusses five important macroeconomic themes. First, the growth in China relative to TFP. Second, house price and financial...

          Missing Markets for Innovation: Evidence from New Uses of Existing Drugs
          Eric Budish, Maya M. Durvasula, Benjamin N. Roin, and Heidi L. Williams

          For large classes of potential inventions, intellectual property rights that are available on paper are either not possible or not profitable for firms to enforce in practice. In this paper, we show that these missing incentives yield quantitatively significant underinvestment...

          The Impact of Language on Decision-Making: Auction Winners are Less Cursed in a Foreign Language
          Fang Fu, Leigh H. Grant, Ali Hortaçsu, Boaz Keysar, Jidong Yang, and Karen J. Ye

          As foreign language use becomes more commonplace in the globalized market, we ask whether using a foreign language systematically impacts financial decisions. We conducted a lab experiment in Beijing, China, with 357 native Mandarin Chinese speakers who know English as...

        • View All caret-right
  • Insights
        • Research Briefs

          Religion in Emerging and Developing Regions
          Partial Language Acquisition: The Impact of Conformity
          Navigating the College Affordability Crisis: Insights from College Savings Accounts
        • View All caret-right
        • BFI Data Studio

          The Hidden Volatility of American Workers’ Paychecks
          Why Has Regional Income Convergence in the U.S. Declined?
          Building Costs and House Prices​
        • View All caret-right
        • Podcasts

          Finding Your Why at Work: The Economics of Purpose
          Stuck: How Housing Regulation Ended America’s Mobility Revolution
          Building Costs vs. Housing Prices: Why Construction Isn’t Driving the Crisis
        • View All caret-right
        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Sep 19

          2025 Relational Contracts Conference

          Sep 25

          2025 AI in Social Science Conference

          Sep 26

          Fernando Alvarez at 60: Celebrating His Contributions to Economics and his Friendship

        • View All caret-right
  • News
    • BFI News
    • Media Mentions
    • Press Releases
  • Info For
    • Scholars
    • Students
    • Media
    • Pre-Doctoral Research Professionals
arrow-leftarrow-rightBlueskycaret-downcaret-leftcaret-rightcheckmarkclosedocumentdropdown-topicsemailexternalfacebookLinkedInmag-glass-largemag-glass-smallmultimediapauseplayxyoutube