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The macroeconomic role of unemployment compensation
Blumkin, Tomer; Hadar, Yossi; Yashiv, Eran - London School of Economics (LSE) - 2009
The standard motivation for unemployment compensation is consumption smoothing and most papers in the literature have analyzed trade-offs involving consumption smoothing and moral hazard. This paper shows how such policy can increase output by enhancing the assignment of workers to jobs in the...
Persistent link: https://www.econbiz.de/10010745921
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Nominal wage rigidity and the rate of inflation
Nickell, Stephen; Quintini, Glenda - London School of Economics (LSE) - 2001
inflation is low. Despite the substantial numbers of individuals whose nominal wages fall from one year to the next, we find … that if long-run inflation is one percent higher, the number of individuals with negative real pay growth increases by …
Persistent link: https://www.econbiz.de/10010746590
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Monetary policy under alternative asset market structures: the case of a small open economy
De Paoli, Bianca - London School of Economics (LSE) - 2009
Can the structure of asset markets change the way monetary policy should be conducted? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly...
Persistent link: https://www.econbiz.de/10010884723
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Towards a new architecture for financial stability: seven principles
Garicano, Luis; Lastra, Rosa - London School of Economics (LSE) - 2010
In this paper we use insights from organizational economics and financial regulation to studythe optimal architecture of supervision. We suggest that the new architecture should revolvearound the following principles: (i) banking, securities and insurance supervision should befurther integrated;...
Persistent link: https://www.econbiz.de/10010744814
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Hooray for GDP!
Oulton, Nicholas - London School of Economics (LSE) - 2012
Should raising the growth rate of GDP per capita be a policy goal of governments in general, and of the British government in particular? Many people would say no, for the following reasons: 1) GDP is hopelessly flawed as a measure of welfare; 2) Growing GDP is pointless since most people don’t...
Persistent link: https://www.econbiz.de/10010744986
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Exchange rate regimes and monetary policies in emerging markets: a showdown for few theoretical misconceptions
Malovic, Marko - London School of Economics (LSE) - 2007
Persistent link: https://www.econbiz.de/10010745394
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Monetary policy and welfare in a small open economy
De Paoli, Bianca - London School of Economics (LSE) - 2004
shows that the utility-based loss function for a small open economy is a quadratic expression in domestic inflation, output …. Domestic inflation targeting is optimal only under a particular parameterization, where the unique relevant distortion in the …
Persistent link: https://www.econbiz.de/10010745516
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Economic policy when models disagree
Barrieu, Pauline; Desgagne, Bernard Sinclair - London School of Economics (LSE) - 2009
This paper proposes a general way to conceive public policy when there is no consensual account of the situation of interest. The approach builds on an extension and dual formulation of the traditional theory of economic policy. It does not need a representative policymaker’s utility function...
Persistent link: https://www.econbiz.de/10010745638
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Monetary policy under alterative asset market structures: the case of a small open economy
De Paoli, Bianca - London School of Economics (LSE) - 2009
Can the structure of asset markets change the way monetary policy should be conducted? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly...
Persistent link: https://www.econbiz.de/10010746340
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The Maastricht convergence criteria and optimal monetary policy for the EMU accession countries
Lipinska, Anna - London School of Economics (LSE) - 2007
not only target inflation rates in the domestic sectors and aggregate output fluctuations but also domestic and … fluctuations of the CPI inflation rate, the nominal interest rate and the nominal exchange rate around the new targets which are … monetary policy violates two criteria: concerning the CPI inflation rate and the nominal interest rate. The constrained optimal …
Persistent link: https://www.econbiz.de/10010746639