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In this paper, we establish three new facts about price-setting by multi-product firms and contribute a model that can match our findings. On the empirical side, using micro-data on U.S. producer prices, we first show that firms selling more goods adjust their prices more frequently but on...
Persistent link: https://www.econbiz.de/10011149893
Among the most notable, but least discussed, hallmarks of what I have called the quiet revolution in central banking practice (Blinder, 2004a) has been the movement toward making monetary policy decisions by committee. Until about a decade ago, most central banks had a single governor, who might...
Persistent link: https://www.econbiz.de/10011149894
Lojack is a stolen vehicle tracking technology that achieves extremely high recovery rates. Ayres and Levitt (1998) show that introduction of the system produced large reductions in vehicle thefts in areas where it was implemented in the United States. The reduced theft risk was shared by all...
Persistent link: https://www.econbiz.de/10011149895
This paper posits a notion of the value of an individual's human capital and the associated return on human capital. These concepts are examined using U.S. data on male earnings and financial asset returns. We find that (1) the value of human capital is far below the value implied by discounting...
Persistent link: https://www.econbiz.de/10011149896
Alan Greenspan was sworn in as Chairman of the Board of Governors of the Federal Reserve System almost exactly 18 years ago. At the time, the Reagan administration was being rocked by the Iran-contra scandal. The Berlin Wall was standing tall while, in the Soviet Union, Mikhail Gorbachev had...
Persistent link: https://www.econbiz.de/10011149897
This paper uses a number of identification approaches (using instrumental variables, assumptions about heteroscedasticity and panel fixed effects) to estimate the effect of inflation targeting on inflation. Generally, it finds the effect is small and insignificant.
Persistent link: https://www.econbiz.de/10011149898
I was Vice Chairman of the Federal Reserve Board while I was preparing my Marshall Lectures for delivery at Cambridge in 1995. So I asked the Board staff to research what had been written about making monetary policy by committees—as opposed to by individuals. Although they were (and remain) a...
Persistent link: https://www.econbiz.de/10011149899
We investigate how undergraduates’ financial aid packages affect their subsequent dona-tive behavior as alumni. The empirical work is based upon a rich set of micro data on alumni giving at an anonymous research university, which we call Anon U. We focus on three types of financial aid,...
Persistent link: https://www.econbiz.de/10011149900
Economists are increasingly analyzing data on subjective well-being. Since 2000, 157 papers and numerous books have been published in the economics literature using data on life satisfaction or subjective well-being, according to a search of Econ Lit.1 Here we analyze the test-retest reliability...
Persistent link: https://www.econbiz.de/10011149901
In this essay I review Sylvia Nasar’s long awaited new history of economics, Grand Pursuit. I describe how the book is an economic history of the period from 1850-1950, with distinguished economists’ stories inserted in appropriate places. Nasar’s goal is to show how economists work, but...
Persistent link: https://www.econbiz.de/10011149902