Dec. 31 (Bloomberg) — In 2013, a graduate student discovered a flaw in a spreadsheet, renewing the debate about austerity and debt. Emerging economies tanked, and Bitcoin boomed. In the U.S., unemployment fell and the Federal Reserve started to scale back its bond-buying program. Research focused on inequality and jobs gap between the highly skilled and everyone else. The Affordable Care Act began.

We asked scholars to identify the most important development or new research of the last year. This is what they came up with:

Janet Currie, professor of economics and public affairs at Princeton University:

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