We analyze Ramsey optimal monetary policy in a New-Keynesian model withsearch and matching frictions featuring (i) training costs due to skill loss fromlong-term unemployment and (ii) endogenous growth through learning-by-doingexternalities. In a simplified two-period version of the model, the...

The 14th BIS Annual Conference took place in Lucerne, Switzerland, on 26 June 2015. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Towards 'a new normal' in financial markets?". The papers...