remarks at the U.S. Monetary Policy Forum, New York, New York, February 25, 2011 …

remarks at the 2011 International Conference: Real and Financial Linkage and Monetary Policy, Bank of Japan, Tokyo …

This paper compares the welfare costs and initial dynamics of three alternative inflation stabilization policies using … temporary money based program (MB)--this paper considers a third stabilization policy consisting of a temporary money based … and real exchange rate from appreciating on impact (MBR). Simulation results suggest that the welfare costs associated …

In this paper, we investigate the welfare implications of alternative financial market structures in a two … household when sovereign bonds are the only internationally traded asset, and we compare this welfare level with that obtained … under complete asset markets. The welfare cost of incomplete markets is negligible if agents are very patient and shocks are …

This paper studies an international tax policy design problem by employing a two-country dynamic general equilibrium … model with incomplete asset markets. We investigate the possibility of welfare improving active tax policies, in particular …-cooperative setting, international tax policy cooperation requires more active tax policies (about two times) and generates large extra …

This paper computes the change in welfare associated with the introduction of incentives. Specifically, we calculate by … how much the welfare gains of increased output due to incentives outweigh workers' disutility from increased effort. We … increased effort due to incentives is equal to the dollar value of a 9% rise in productivity. Welfare is measured as the output …

The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 required states to increase welfare … recipient employment and participation in welfare-to-work programs. These work requirements are sometimes credited for bringing … results imply that the employment gains among single mothers in the late 1990s were due to economic growth and other policy …

This paper extends the utility-based welfare criterion developed by Rotemberg and Woodford (1997) and Woodford (2003 …) to a model with endogenous capital accumulation. The welfare criterion obtained for this model shares several features … criterion can be specified such that welfare losses depend solely on quadratic functions of the model's variables, thus …

We review patterns in migration within the U.S. over the past thirty years. Internal migration has fallen noticeably … since the 1980s, reversing increases from earlier in the century. The decline in migration has been widespread across … decline in migration remains elusive and requires further research, we find only limited roles for the housing market …

This paper establishes the cyclical properties of a novel measure of worker reallocation: long-distance migration rates … within the U.S. This internal migration offers a bird's eye view of worker reallocation in the economy, as long …-distance migrants often change jobs or employment status. We examine gross migration patterns during the entire postwar era using …