This paper estimates a New Keynesian DSGE model with search frictions and monetary rules augmented with different labor market indicators. In accordance with a theoretical literature I find that a central bank reacts to a labor market tightness, employment or unemployment. Posterior odds tests...

The recent emergence of blockchain-based cryptocurrencies has received a considerable attention. The growing acceptance of cryptocurrencies has led many to speculate that the blockchain technology can surpass a traditional centralized monetary system. However, no monetary model has yet been...

Motivated by the recent literature that finds that artificial neural networks (NN) can efficiently predict economic time‐series in general and inflation in particular, we investigate if the forecasting performance can be improved even further by using a particular kind of NN—a recurrent...

This paper examines magnitudes and business cycle dynamics of social security contributions (SSC). In most OECD countries studied, we document a negative covariation of payroll tax burdens with GDP and GDP growth at business cycle frequencies and lower. Changes in average payroll tax burdens are...

The recent development of private cryptocurrencies has created a need to extend existing models of private currency provision and currency competition. The outcome of cryptocurrency competition should be analyzed in a model which incorporates important features of the modern cryptocurrencies. In...

Most models derive current cryptocurrency prices over rational expectations of future ones. We complement this perspective with a backward-looking view accounting for herding and momentum trading observed in cryptocurrency markets. Our approach merges an asset-flow approach modeling rational and...

This paper examines magnitudes and business cycle dynamics of social security contributions (SSC). In most OECD countries studied, we document a negative covariation of payroll tax burdens with GDP and GDP growth at business cycle and lower frequencies. We assess the overall magnitude of the...