The standard theory of household-portfolio choice is hard to reconcile with the following facts: (i) Households hold a small amount of equity despite the higher average rate of return. (ii) The share of risky assets increases with the age of the household. (iii) The share of risky assets is...

The authors examine the optimal labor market-policy mix over the business cycle. In a search and matching model with risk-averse workers, endogenous hiring and separation, and unobservable search effort they first show how to decentralize the constrained-efficient allocation. This can be...

The Phillips curve has long been used as a foundation for forecasting inflation. Yet numerous studies indicate that over the past 20 years or so, inflation forecasts based on the Phillips curve generally do not predict inflation any better than a univariate forecasting model. In this paper, the...

This paper attempts to quantify the effects of extended unemployment insurance benefits in recent years. Using the monthly Current Population Survey, I estimate unemployment-to-employment (UE) hazard function and unemployment-to-inactivity (UN) hazard function for male workers. The estimated...

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> The Philadelphia Chapter of the Risk Management Association, Philadelphia, PA, January 11, 2011

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, New Jersey Bankers Association, May 12, 2011, Aventura, Florida