Vector Autoregressions often find that inflation increases in response to a tightening in monetary policy, although standard macroeconomics predicts the opposite. This ‘price puzzle' is commonly thought to reflect interest rates being tightened in anticipation of future inflation, reflecting...

It is well-known that entrepreneurs lead extremely busy lives. While research literature reports the stressors of entrepreneurial careers, few empirical studies have examined the actual management of the demands that entrepreneurs face in their daily lives. In this paper, we conducted a study of...

Low interest rates in the United States have recently been accompanied by large fiscal stimulus. However, previous discussions of monetary policy did not anticipate this fiscal activism, leading to over-estimates of the costs of the zero lower bound and, hence, of the appropriate inflation...

Setting interest rates higher than macroeconomic conditions would warrant due to concerns about financial instability is called ‘leaning against the wind'. Many recent papers have attempted to quantify and evaluate the effects of this policy. This paper summarises this research and applies the...

A high minimum wage (relative to average wages) raises nominal wage growth and hence inflation. This effect can be offset by extra unemployment; so the minimum wage increases the Non-Accelerating Inflation Rate of Unemployment or NAIRU. This effect is clearly discernable and robust to variations...