We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank council.The hypothesis to be tested is that these preferences depend on the central bankers' educational and/or professional background. In a panel data analysis for the euro...

This paper studies the effect of monetary policy shocks on different demographic groups in the U.S. labor market. I look at the effect of a contractionary monetary policy shock on unemployment rates of high and low-skill workers, finding that the low-skill group is more sensitive to these shocks...

In administrating the 2016 federal budget, a single adjustment was made in November. Under the Law on the 2016 Federal Budget, allocations on the “National Defense” section of the budget expenditures were initially set at RUB 3,149 trillion, or RUB 32bn (1%) less than actual expenditures a...

Should monetary policy offset the effects of labor supply shocks on inflation and the output gap? Canonical New Keynesian models answer yes. Motivated by weak labor force participation during the pandemic, we reexamine the question by introducing labor force entry and exit in an otherwise...