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Estimating labor market slack, U.S. 1994-2019

Komlos, John - 2019

U3, the official unemployment rate, is an inadequate gauge of labor-market slack and the extent to which it misinforms varies substantially over the business cycle. The U6 unemployment rate is usually about 4 percentage points above U3. However, during the Great Recession it exceeded U3 by 7...

Persistent link: https://www.econbiz.de/10012123041

The actual U.S. unemployment rate was 24.4% in May 2020

Komlos, John - 2020

The official U.S. unemployment rate is an inadequate measure of actual labor market conditions. This poses a major challenge for researchers and confuses both the public and policy makers. A new definition of unemployment is proposed. It considers those part-time workers who would like to work...

Persistent link: https://www.econbiz.de/10012234485

National representation in multinational institutions : the case of the European Central Bank

Badinger, Harald; Nitsch, Volker - 2011

Multinational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate's professional qualifications. On the other hand, multinational institutions often aim for broad national representation. Reviewing...

Persistent link: https://www.econbiz.de/10009301395

Liquidity, term spreads and monetary policy

Aksoy, Yunus; Basso, Henrique S. - 2012

profitability of banks’ portfolios affect their ability to cover for any liquidity shortage and hence influence the premium they … liquidity shock leads to a sharp decrease in long-term rates and term spreads. Third, such interventions have significant impact … on long-term investment, decreasing the amplitude of output responses after a liquidity shock. The short-term rate does …

Persistent link: https://www.econbiz.de/10009682825

What do central bankers do? : evidence from the European Central Bank's Executive Board

Badinger, Harald; Nitsch, Volker - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank's Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10011962284

The chair of the U.S. Federal Reserve and the macroeconomic causality regimes

Aksoy, Yunus; Morita, Rubens; Psaradakis, Zacharias G. - 2019

We investigate regime-dependent Granger causality between real output, inflation and monetary indicators and map with U.S. Fed Chairperson's tenure since 1965. While all monetary indicators have causal predictive content in certain time periods, we report that the Federal Funds rate (FFR) and...

Persistent link: https://www.econbiz.de/10012157284