We assess the quantitative relevance of expectations-driven sovereign debt crises, focusing on Southern European crisis early 2010’s and Argentine default 2001. The source multiplicity is one in Calvo (1988). Key for an output process featuring long periods either high growth or stagnation that we estimate using data those countries. find crises are quantitatively relevant but state dependent, ...

Human beings care a lot about being viewed as ‘smart’. This paper defines social status as the public beliefs about one’s ‘smartness’ inferred from one’s publicly observed social mobility experience. This status motive can easily generate multiple equilibria based upon self-fulfilling beliefs. It also tends to amplify the inequality of economic success between agents with different social origi...

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This article shows that 35 years of empirical research on teacher expectations justifies the following conclusions: (a) Self-fulfilling prophecies in the classroom do occur, but these effects are typically small, they do not accumulate greatly across perceivers or over time, and they may be more likely to dissipate than accumulate; (b) powerful self-fulfilling prophecies may selectively occur a...