Compared with the period 1920-1990, the current monetary policy implementation techniques are relatively well-focused and transparent. In particular, (i) they mostly aim at achieving a well defined operational target (typically the overnight interest rate), (ii) monetary policy operations are...

We study the nonlinearities present in a standard monetary labor search model modified to have two groups of workers facing exogenous differences in the job finding and separation rates. We use our setting to study the racial unemployment gap between Black and white workers in the US. A...