In recent years, a number of central banks have announced numerical inflation targets as the basis for their monetary strategies. After outlining the reasons why such strategies might be adopted in the pursuit of price stability, this study examines the adoption, operational design, and...

Interventions by the Federal Reserve during the financial crisis of 2007-2009 were generally viewed as unprecedented and in violation of the rules--notably Bagehot's rule--that a central bank should follow to avoid the time-inconsistency problem and moral hazard. Reviewing the evidence for...

The standard of living in the industrialized nations has been steadily increasing over the last few decades. Yet some observers wonder whether we are really getting any happier. This paper addresses that question by examining well-being data on 100,000 randomly sampled Americans and Britons from...

Using data from all those born in a single week in 1958 in Britain we track the consequences of short pain and chronic pain in mid-life (age 44) on health, wellbeing and labor market outcomes in later life. We examine data taken at age 50 in 2008, when the Great Recession hit and then five years...

Using data across countries and over time we show that women are unhappier than men in unhappiness and negative affect equations, irrespective of the measure used - anxiety, depression, fearfulness, sadness, loneliness, anger - and they have more days with bad mental health and more restless...

UK population growth over the past thirty-five years has been remarkably low in comparison with other countries; the population grew by just 7% between 1971 and 2004, less than all the other EU15 countries. The UK population has grown at a faster pace since the turn of the millennium. Both the...

This paper uses broadly comparable micro data at the level of the individual to examine the extent to which union relative wage effects vary across groups and through time. The main findings may be summarized as follows. a) The union wage gap averages 15% in the US and 10% in Great Britain. b)...

Following Phillip's original work on the UK, applied research on unemployment and wages has been dominated by the analysis of highly aggregated time-series data sets. However, it has proved difficult with such methods to uncover statistically reliable models. This paper adopts a different...

In this paper we evaluate the success of policies that were implemented in the 1980s that were designed to improve the workings of the UK labour market. Our primary conclusion is that the Thatcherite reforms succeeded in their goals of weakening union power; may have marginally increased...

Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....