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Foreword -- Preface -- Acknowledgements -- 1 Rationale of Central Banks -- 2 Governance Structure of Central Banks.-3 … Public Governance of Central Banks -- 4 Governance of Monetary Policy -- 5 Ownership of Prudential Policy -- 6 Role of … Central Banks in Financial Crisis Management -- 7 Scope and Governance of Central Bank Payment and Settlement Systems -- 8 …
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Why do employed persons in large firms earn more than employed persons in small firms, even after controlling for observable characteristics? Complementary to previous results, this paper proposes a mechanism that gives an answer to this question. In the model, individuals accumulate human...
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This article investigates the stability of Okun's law for Canada and the United States using a time varying parameter approach. Time variation is modeled as driftless random walks and is estimated using the median unbiased estimator approach developed by Stock and Watson (1998). Okun's law...
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This paper asks: What is the effect of government policy on output and inequality in an environment with education and labor-supply decisions? The answer is given in a general equilibrium model, consistent with the post 1960s facts on male wage inequality and labor supply in the U.S. In the...
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From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured as the discrepancy between a representative household's marginal rate of substitution between consumption and leisure and the...
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