The participation rate of women aged 25-64 rose greatly in the 1970s and 1980s, but has stagnated in the 1990s. In principle, this development could reflect either the poor growth performance of the economy this decade or the completion of the integration of women into the labour force. In the...

This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of...