A large exclusion from the labor market or an important unemployment of low-skilled workers is observed in some developed economies in which a minimum wage has been introduced. In such circumstances, governments may adopt two kinds of policies. They may pay unemployment benefits or they may try...

This paper investigates how the identification assumptions of monetary policy shocks modify the inference in a standard DSGE model. Considering SVAR models in which either the interest rate is predetermined for money or these two monetary variables are simultaneously determined, two DSGE models...

This note compares public and private information certification in a simple class of communication games with one sender and two receivers. It also emphasizes the role of belief consistency conditions in a perfect Bayesian equilibrium of such games.