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Unemployment in the United Kingdom has fallen from high European-style levels to US levels. I argue that the key reasons are the reform of monetary policy, in 1993 with the adoption of inflation targeting and in 1997 with the establishment of the independent Monetary Policy Committee, and second...
Persistent link: https://www.econbiz.de/10011508067
-run imprisonment rate for five English-speaking nations: Australia, Canada, England and Wales, New Zealand and the United States. These …. In the late-nineteenth century, Australia had the highest incarceration rate of these nations. Today, the United States … has the highest rate. With the exception of Canada, incarceration rates have risen markedly since the mid-1980s. These new …
Persistent link: https://www.econbiz.de/10012175815
In an economy with large wage setters (like industry unions), the monetary regime affects the trade-off between consumer real wages and employment and profits faced by the wage setters. This paper shows that an exchange rate target, including participation in a monetary union, is likely to...
Persistent link: https://www.econbiz.de/10011408717
This article presents a systematic and extensive empirical study on the presence of Markov switching dynamics in three dollar-based exchange rates. A Monte Carlo approach is adopted to circumvent the statistical inference problem inherent to the test of regime-switching behavior. Two data...
Persistent link: https://www.econbiz.de/10002521681
Persistent link: https://www.econbiz.de/10011402689
policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada … structural shift specifications suggests that inflation expectations in Canada have drifted downward since the Great Recession …
Persistent link: https://www.econbiz.de/10011540769
,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent … performance are assessed. The most economically attractive among alternative monetary orders, the adoption by Canada of the US … politically attainable. Intermediate arrangements are unattractive and clearly inferior to Canada's current monetary order. …
Persistent link: https://www.econbiz.de/10011541166
Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in …
Persistent link: https://www.econbiz.de/10013380620
We document a new stylized fact for the life-cycle behavior of consumer prices: relative to a narrowly defined set of competing products, the price of individual products tends to fall over the product lifetime. This holds true for more than 90% of the expenditure items underlying the U.K....
Persistent link: https://www.econbiz.de/10012119871
The current financial crisis has sparked intense debate about how weak banks should be resolved. Despite international efforts to coordinate and converge on such policies, national policy advice and resolution practices differ. The resolution methods adopted in the Nordic banking crises in the...
Persistent link: https://www.econbiz.de/10003891719