This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment in linear quadratic models. As opposed to the existing literature, our method can be employed in medium- and large-scale models typically used in monetary policy. We apply our method to the Smets and...

Monetary policy makers often seem to have preferences for a stable interest rate, in addition to stable inflation and output. In this paper we investigate the implications of having an interest rate level term in the loss function when the policymaker lacks commitment technology. We show that...

The interdependence of the State and business is widely recognised across many disciplines and frameworks. This paper examines the State-capital nexus in India during the neoliberal era, focusing on how the State has facilitated accelerated primitive accumulation for large capital by selectively...

In view of the demographic trends, most EU countries face the problem of a declining work force in the future. Understanding the interaction between income support systems (such as unemployment benefits, social assistance, early retirement and pension systems) and total labor supply is of...

Committee decision making is examined in this study focusing on the role assigned to the committee members. In particular, we are concerned about the comparison between committee performance under specialization and non-specialization of the decision makers.

In an effort to increase the use of prenatal care by pregnant women and the utilization of medical care by children, eligibility for Medicaid was expanded dramatically for pregnant women and children during the 1980s and early 1990s. By lowering the costs of prenatal care, delivery, and child...