external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary …

activity and inflation as latent variables. We incorporate these latent variables into a factor-augmented vector autoregression … activity and inflation, consistent with previous studies. In contrast to much of the literature, however, we find that central …-bank-determined changes in Chinese interest rates also have substantial impacts on economic activity and inflation, while other measures of …

) and also includes observable macroeconomic variables (specifically, real activity, inflation, and the monetary policy …

through unemployment insurance (UI). We introduce a novel empirical test of standard neoclassical models of fertility that … the interaction of the aggregate unemployment rate with a measure of potential income replacement from UI. Our results … show that as UI benefit generosity reaches 100 percent income replacement, there is no effect of the unemployment rate on …

We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job …