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Journal Article
Welfare and youth unemployment: evidence from a controlled experiment

Economic Review , Issue Win , Pages 26-39

Working Paper
Monetary policy with heterogeneous agents

We build a New Keynesian model in which heterogeneous workers differ with regard to their employment status due to search and matching frictions in the labor market, their potential labor income, and their amount of savings. We use this laboratory to quantitatively assess who stands to win or lose from unanticipated monetary accommodation and who benefits most from systematic monetary stabilization policy. We find substantial redistribution effects of monetary policy shocks; a contractionary monetary policy shock increases income and welfare of the wealthiest 5 percent, while the remaining 95 ...
Working Papers , Paper 12-21

Journal Article
U.S economic performance: good fortune, bubble, or new era?

What accounts for the extraordinary performance of the U.S. economy in recent years? How is that we have been able to enjoy such strong economic growth and resulting low unemployment rates without an upturn in inflation? The author reviews the primary explanations offered for these unusually favorable circumstances - that the U.S. economy has been the beneficiary of temporary factors that have held down the inflation rate or that the U.S. economy has entered a new era of intensified competition and rising productivity growth in which inflation is less of a threat. She also discusses ...
New England Economic Review , Issue May , Pages 3-20

Journal Article
Age and education effects on the unemployment rate

The national unemployment rate fell slowly during the first half of 2005, reaching 5.0% in June. While this is above the lows reached in 1999-2000, it is noticeably below the rates that largely prevailed during the mid-1970s through the mid-1990s. This Economic Letter focuses on two demographic factors that help explain the reduction in the unemployment rate over the past few decades. The first is the composition of the population by age group, and, in particular, the contribution of the aging of the "baby boom" generation to the long-term decline in the unemployment rate. The second is ...
FRBSF Economic Letter

Journal Article
Recent layoffs in a fragile labor market

Rising layoff rates during the spring of 2011 highlight renewed labor market weakness. Although job cuts among state and local governments have accelerated over the past few years, most of the recent increase occurred among private-sector employers. Following modest improvement in early summer, subsequent labor market performance has been uneven, indicating that labor market conditions remain fragile.
FRBSF Economic Letter

Journal Article
The impact of inflation and unemployment on subjective personal and country evaluations

The authors use data from the Gallup World Poll to analyze what determines individual assessments of past, present, and future personal and country well-being. These measures allow the analysis of two dimensions of happiness data not previously examined in the literature: the better-than-average effect and optimism. The authors find that individuals tend to evaluate their personal well-being as being better than their country's and tend to expect that their future well-being will improve. The authors also analyze the impact of inflation and unemployment on these subjective measures and find ...
Review , Volume 91 , Issue May , Pages 107-126

Working Paper
The cyclical price of labor when wages are smoothed

I conduct an empirical investigation of the cyclicality of the price of labor. Firms employ workers up to the point where workers' marginal revenue product equals the price of labor. If the labor market is a spot market, then the price of labor is the wage. But often workers are contracted for more than one period. The price of labor captures both the wage at the time of hiring and the impact of labor market conditions at the time of hiring on future wages. The price of labor and not wage is allocational for employment. Because it is not directly observed in the data, I construct the price of ...
Working Paper , Paper 10-13

Journal Article
Is retraining displaced workers a good investment?

Economic Perspectives , Volume 29 , Issue Q II , Pages 47-66

Journal Article
Nobel views on inflation and unemployment

FRBSF Economic Letter

Conference Paper
On implications of micro price data for macro models - comments

The author discusses: the challenges the wealth of micro-data has posed to macroeconomists and some of the progress made to address these; the fact that an important number of price changes in the data are temporary discounts (sales); and the complicated mapping from the frequency of price adjustment to the degree of monetary non-neutrality in economies that explicitly model price stickiness as arising from menu costs.
Conference Series ; [Proceedings]



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Valletta, Robert G. 20 items

Dudley, William 17 items

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Birinci, Serdar 12 items

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Sahin, Aysegul 11 items

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