Proponents of the so-called New Economy claim that it entails a structural change of the economy. Such a change, in turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between inflation and economic growth are no longer valid. But such...

Proponents of the so-called New Economy claim that it entails a structural change of the economy. Such a change, in turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between inflation and economic growth are no longer valid. But such...

Assuming elliptical return distributions, we prove that minimum lower partial moments hedge ratios (according to Fishburn' s a-t model) are equal to or smaller than the minimum variance hedge ratio (strictly smaller for a=0, the target shortfall probability, and a=1 ). Therefore, if the latter...

Assuming elliptical return distributions, we prove that minimum lower partial moments hedge ratios (according to Fishburn' s a-t model) are equal to or smaller than the minimum variance hedge ratio (strictly smaller for a=0, the target shortfall probability, and a=1 ). Therefore, if the latter...

Recently some authors have proposed to introduce a system of individual unemployment savings accounts as an alternative to traditional public unemployment insurance. In this paper we investigate the feasibility of individual accounts as a possible alternative route to address the...

This paper investigates the consumption and savings behaviour of individuals that have experienced a job loss. Building on the scant literature on the issue, we test for the impact of unemployment benefits on consumption levels of the unemployed. We also expand on previous work in this area by...

Equilibrium search models are useful tools for the evaluation of labor market policies. Recently developed equilibrium search models of the labor market are able to fit the wage distribution perfectly with longitudinal labor supply data, by estimating an appropriate distribution of labor...

In this paper we present an empirical structural job search model with endogenously determined search intensity. The model describes both the behaviour of unemployed job searchers and on-the-job search. We use data on various indicators (or search channels) for the intensity of search, like the...