This paper applies the panel unit root test proposed by Im, Pesaran and Shin (1997) to test for unemployment hysteresis in the US states and the EU countries against the alternative of a natural rate. The results show that hysteresis for the EU and the natural rate for the US states are the most...

Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under 'the opportunistic approach to disinflation' a central bank controls inflation aggressively when inflation...

Documentamos la variación sistemática y significativa de los perfiles de consumo por edad durante las últimas décadas. Los perfiles de consumo se han vuelto sistemáticamente más planos: las diferencias intergeneracionales en el consumo han disminuido con el tiempo. La agrupación de datos...