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Optimal Price Indices for Targeting Inflation under Incomplete Markets

Anand, Rahul; Prasad, Eswar - Institute for the Study of Labor (IZA) - 2010

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating … stabilize price movements in the flexible price sector. Also, in the presence of financial frictions, stabilizing core inflation … frictions a welfare-maximizing central bank should adopt flexible headline inflation targeting – a target based on headline …

Persistent link: https://www.econbiz.de/10008531751

Hyperbolic Discounting and Positive Optimal Inflation

Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2011

Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations. …

Persistent link: https://www.econbiz.de/10009021640

The Short- and Long-Run Determinants of Less-Educated Immigration into U.S. States

Simpson, Nicole B.; Sparber, Chad - Institute for the Study of Labor (IZA) - 2012

This paper uses a gravity model of migration to analyze how income differentials affect the flow of immigrants into U.S. states using annual data from the American Community Survey. We add to existing literature by decomposing income differentials into short- and long-term components and by...

Persistent link: https://www.econbiz.de/10011279271

Counterfactual Analysis in Macroeconometrics: An Empirical Investigation into the Effects of Quantitative Easing

Pesaran, M. Hashem; Smith, Ron P. - Institute for the Study of Labor (IZA) - 2012

This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...

Persistent link: https://www.econbiz.de/10010552953

Labor Search and Matching in Macroeconomics

Yashiv, Eran - Institute for the Study of Labor (IZA) - 2007

The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how are unemployment, job vacancies, and employment determined as equilibrium phenomena? What...

Persistent link: https://www.econbiz.de/10005822179

Happiness and the Human Development Index: The Paradox of Australia

Blanchflower, David G.; Oswald, Andrew J. - Institute for the Study of Labor (IZA) - 2005

According to the well-being measure known as the U.N. Human Development Index, Australia now ranks 3rd in the world and higher than all other English-speaking nations. This paper questions that assessment. It reviews work on the economics of happiness, considers implications for policymakers,...

Persistent link: https://www.econbiz.de/10005822440

Deriving the New Quantity Equation: An Approach for a Closed and an Open Economy

Welfens, Paul J. J. - Institute for the Study of Labor (IZA) - 2014

influence on the price level and the inflation rate, respectively. Finally, the analysis suggests that financial market …

Persistent link: https://www.econbiz.de/10010891175

Industrialization Lessons from BRICS: A Comparative Analysis

Naudé, Wim; Szirmai, Adam; Lavopa, Alejandro - Institute for the Study of Labor (IZA) - 2013

To date there has been few systematic and comparative empirical analyses of the nature of economic development in Brazil, Russia, India, China and South Africa (BRICS). We contribute to addressing this gap by exploring the patterns of structural change between 1980 and 2010, focusing on the...

Persistent link: https://www.econbiz.de/10010884080

The Unintended Consequences of Education Policies on South African Participation and Unemployment

Burger, Rulof; van der Berg, Servaas; von Fintel, Dieter - Institute for the Study of Labor (IZA) - 2013

In the late 1990s the South African Department of Education implemented two policies that were meant to reduce the large number of over-age learners in the school system: schools were no longer allowed to accept students who were more than two years older than the correct grade-age and students...

Persistent link: https://www.econbiz.de/10010889992

Trends in the Intergenerational Transmission of Education among Black South Africans

Magejo, Prudence; Benhura, Miracle; Gwatidzo, Tendai - Institute for the Study of Labor (IZA) - 2014

This paper investigates trends in intergenerational transmission of education among black South Africans – changes in correlation between parents' and children's education. Using data for 1954-1993 birth cohorts, we find a decrease in intergenerational transmission of education over the last...

Persistent link: https://www.econbiz.de/10010959732