We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the … United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total … historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we …

approach by contrasting Canada and the US using comparable data. Canada dominates the US over the lower bi-dimensional welfare …

. Using administrative annual earnings data from Canada, Sweden, and the United Kingdom, it applies the approach used in the … analysis of earnings inequality in top incomes, as well as reweighting techniques, to the analysis of the gender pay gap. The …

This paper looks at the evolution of incomes at the top of the distribution in Canada. Master files of the Canadian … groups driving the growth in top incomes in Canada. A finding more specific to Canada is that the oil and gas sector has also … revolution, scientists, engineers and even computer scientists do not account for much of the growth in top incomes in Canada …

We examine the evolution of the returns to human capital in Canada over the period 1980-2005. Our main finding is that …

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating … stabilize price movements in the flexible price sector. Also, in the presence of financial frictions, stabilizing core inflation … frictions a welfare-maximizing central bank should adopt flexible headline inflation targeting a target based on headline rather …

Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …

state contingent inflation taxes/subsidies to smooth those rents. Hence, in the optimal Ramsey plan, inflation deviates from … zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to … employment alongside inflation …

inflation targeting, exchange rate management benefits households in the tradable goods sector but in the long run these …