Showing 1 - 10 of 1,083
We compare the causal effects of forward guidance communication about future interest rates on households' expectations of inflation, mortgage rates, and unemployment to the effects of communication about future inflation in a randomized controlled trial using more than 25,000 U.S. individuals...
Persistent link: https://www.econbiz.de/10012840991
This paper investigates the presence of asymmetric relationship between oil price movements and Gulf Cooperation Council (GCC) stock markets. We propose the implementation of nonlinear vector smooth transition regression (VSTR) models which offer a greater flexibility when modelling the possible...
Persistent link: https://www.econbiz.de/10013314986
This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...
Persistent link: https://www.econbiz.de/10013104950
Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...
Persistent link: https://www.econbiz.de/10013325071
This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...
Persistent link: https://www.econbiz.de/10013316832
Are workers in modern economies working "too hard" – would they be better off if an equilibrium with fewer work hours were achieved? We examine changes in life satisfaction of Japanese and Koreans over a period when hours of work were cut exogenously because employers suddenly faced an...
Persistent link: https://www.econbiz.de/10013055569
We examine the mortality effects of a 1947 school reform in Japan, which extended compulsory schooling from primary to …
Persistent link: https://www.econbiz.de/10014346672
been affected across six countries (China, South Korea, Japan, Italy, UK and US). We first document changes in income …
Persistent link: https://www.econbiz.de/10012831094
This paper provides a large scale, empirical evaluation of unintended effects from invoking the precautionary principle after the Fukushima Daiichi nuclear accident. After the accident, all nuclear power stations ceased operation and nuclear power was replaced by fossil fuels, causing an...
Persistent link: https://www.econbiz.de/10012860519
This paper studies how changes in extended unemployment insurance (UI) benefit affect the duration of unemployment. We investigate this question by exploiting not only strict age thresholds but also the pre-displacement tenure and the reason for separation from the previous job in the Japanese...
Persistent link: https://www.econbiz.de/10013076819