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Declining Caseloads/ Increased Work: What Can We Conclude about theEffects of Welfare Reform?

Blank, Rebecca M. - University of Michigan <Ann Arbor, Mich.> / Department … - 2001

In 1996, Congress passed the Personal Responsibility andWork Opportunity Reconciliation Act, or PRWORA, whichsubstantially restructured public assistance programs.PRWORA gave states almost entire discretion to design andoperate cash assistance programs for families with children,reducing the...

Persistent link: https://www.econbiz.de/10005869878

Macroeconomic Volatilities and the Labor Market:First Results from the Euro Experiment

Merkl, Christian; Schmitz, Tom - Institut zur Zukunft der Arbeit <Bonn> - 2010

use a New Keynesian model with unemployment to predict the effects ofdifferent labor market institutions on macroeconomic …This paper analyzes the effects of different labor market institutions on inflation and outputvolatility. The eurozone … could account for volatilitydifferences across member states, but labor market characteristics have remained verydiverse. We …

Persistent link: https://www.econbiz.de/10009360591

National prices and wage setting in a currency union

Sánchez, Marcelo - European Central Bank - 2009

Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...

Persistent link: https://www.econbiz.de/10005866574

Hyperbolic Discounting and the Phillips Curve

Graham, Liam; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables...

Persistent link: https://www.econbiz.de/10005859701

Actual Federal Reserve Policy Behavior and Interest Rate Rules

Fair, Ray C. - Yale University <New Haven, Conn.> / Department of Economics - 2001

[...]It seems clear that the Federal Reserve’s policy behavior overthe 1979:4-1982:3 period (which I refer to as the “earlyVolcker” period) differed from that of other periods.1 Thestated policy of the Federal Reserve during this period was tofocus more on monetary aggregates than it had...

Persistent link: https://www.econbiz.de/10005869900

Part VII. How Successful Has InflationTargeting Been?

Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997

[...]This exercise is meant to give a quantitativeimpression of whether the interaction between inflationand short-term interest rates exhibits a pattern of behaviorafter the adoption of the inflation target that differsmarkedly from the pattern before.2 The unconditional forecastof each...

Persistent link: https://www.econbiz.de/10005870265

Do Asymmetric Central Bank Preferences Help ExplainObserved Inflation Outcomes?

Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006

Recent theoretical work shows that changes in the volatility of inflation and/or unem-ployment affect equilibrium in … propositionthat the volatility of unemployment helps explain inflation outcomes suffers from a spu-rious regression problem. Once this … problem is controlled for, the evidence suggeststhat the volatility of unemployment does not help explain inflation outcomes …

Persistent link: https://www.econbiz.de/10009360871

Beispielhafte Maßnahmen für die Reintegration Älterer in den Arbeitsmarkt in Europa

Vogt, Marion - Forschungs- und Beratungsstelle Arbeitswelt <Wien>

Europäische Regierungen bedienen sich hauptsächlich dreier Maßnahmen, die sich explizitan die ArbeitgeberInnen wenden, damit diese ältere Arbeitslose einstellen. Es handelt sichdabei um Förderungen der Lohnkosten und allgemeine Zuschüsse einerseits, um Reduktionenvon...

Persistent link: https://www.econbiz.de/10005860630

Inflation dynamics with labour market matching: assessing alternative specifications

Christoffel, Kai; Costain, James S.; De Walque, Gregory; … - European Central Bank - 2009

This paper reviews recent approaches to modeling the labour market and assessestheir implications for ination dynamics through both their e¤ect on marginalcost and on price-setting behaviour. In a search and matching environment, weconsider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10005866597

Downward wage rigidity and optimal steady-state inflation

Fagan, Gabriel; Messina, Julián - European Central Bank - 2009

This paper examines the impact of downward wage rigidity (nominal and real) onoptimal steady-state inflation. For this purpose, we extend the workhorse model ofErceg, Henderson and Levin (2000) by introducing asymmetric menu costs for wagesetting. We estimate the key parameters by simulated...

Persistent link: https://www.econbiz.de/10005866626