This paper examines the impact of downward wage rigidity (nominal and real) on optimal steady-state inflation. For this purpose, we extend the workhorse model of Erceg, Henderson and Levin (2000) by introducing asymmetric menu costs for wage setting. We estimate the key parameters by simulated...

This paper uses microdata from the Luxembourg Income Study (LIS) to estimate and compare four dimensions of the well-being of the aged in Taiwan and eight other countries - the United States, Japan, Australia, Poland, Finland, Germany, Hungary and Canada. Together, these nine countries cover a...