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Persistent unemployment after recessions and the policies required to bring it down are the subject of an ongoing debate. One view suggests there are fundamental changes in the labor market that imply a long-term higher rate of unemployment, requiring the implementation of structural policy...
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We empirically analyze the effect of policy of the Federal Reserve on the US labor market using the PSID data set. We find that an increase in the federal funds rate decreases the probability that an individual is unemployed. Survival analysis indicates that a rise in the federal funds rate will...
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Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the same amount of hours from all households. As a result, unions do not take account of the fact that (i) households are heterogeneous in their willingness to work, and that (ii)...
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financial systems still reflect national values? The case of the United States, Germany, and France / Eelke de Jong -- Chapter 8 … independence and monetary policy in the US, Germany and France: have they converged? / Eelke de Jong -- Part IV. Concluding remarks …, Germany, and France. These three countries represent broadly different types of economic organization and their corresponding …
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