) and constructs three classes of indicators that capture the quality of leisure ('pure leisure', 'co-present leisure' and … 'leisure fragmentation') to show that the relative growth in leisure time enjoyed by less-educated individuals documented in … previous studies has been accompanied by a relative decrease in the quality of that leisure time. These results are not driven …

Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a … smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern … consumption expenditure at retirement generated by the model is zero, while the mean is negative, matching the HRS data. However …

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …

over time – assuming a specific parameter set of the goods market. It is noteworthy that the quantity equation can be … case of an open economy and it is shown that trade as well as foreign direct investment should be expected to have an …