- Economistedit
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Much has been made of the so-called jobless recovery of the past two business cycles—that is, their atypically weak employment growth early in the expansion phase. This Commentary examines the factors that account for this behavior,... more
Much has been made of the so-called jobless recovery of the past two business cycles—that is, their atypically weak employment growth early in the expansion phase. This Commentary examines the factors that account for this behavior, focusing on two key measures: the probabilities of job finding and job separation.
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Throughout the 20th century home production was revolutionized by the introduction of new technologies, from running water to modern appliances, that significantly reduced the time de-mands of home production. This paper examines whether... more
Throughout the 20th century home production was revolutionized by the introduction of new technologies, from running water to modern appliances, that significantly reduced the time de-mands of home production. This paper examines whether these changes can explain the important increase in the labor force participation of married women during the 20th century. It contributes to the existing literature by including childcare constraints consistent with U.S. time use data, to examine whether the durable good revolution can also explain the historical increases in the labor force participation rates of married women with children. One of the most remarkable change during the second half of the 20th century is the progressive flattening of the double-peaked pattern that characterized female participation over their life cycle in many industrialized countries.
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The FOMC has two objectives: maximizing sustainable economic growth and maintaining price stability. At times-like the past year-these goals appear to be in conflict. This Commentary outlines some economic theory that suggests that in the... more
The FOMC has two objectives: maximizing sustainable economic growth and maintaining price stability. At times-like the past year-these goals appear to be in conflict. This Commentary outlines some economic theory that suggests that in the long run, the FOMC can achieve its two objectives by focusing primarily on its price stability target.
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This paper explores the booms,and busts induced,by news,shocks in a model,econ- omy,with,…nancial market,frictions. Firms can,accumulate,capital through,either purchase,of the existing capital or producing,new,capital by themselves. Firms... more
This paper explores the booms,and busts induced,by news,shocks in a model,econ- omy,with,…nancial market,frictions. Firms can,accumulate,capital through,either purchase,of the existing capital or producing,new,capital by themselves. Firms need to borrow,from …nancial intermediaries to …nance their purchases,of capital. With the presence of …nancial market frictions, …rms have to pay an external …nance premium which,depends,inversely on their net values. This provides …rms with an incentive to build up capital stocks now,to lower the external …nance premium,in the future. When …rms receive news indicating a future technology improvement, they anticipate the need for more,capital and so more,external …nance in the future; they could lower their future external …nance costs by building up their capital and net values now. By adding …nancial market frictions into an otherwise standard RBC model, this paper succeeds in generating a boom,when,a news,shock hits the economy. Correspondence:...
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All files needed to replicate the results of the article
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Statistics that measure labor market activity are often interpreted as measures of economic performance and social well being. This article demonstrates that such interpretations are not justified in the absence of information concerning... more
Statistics that measure labor market activity are often interpreted as measures of economic performance and social well being. This article demonstrates that such interpretations are not justified in the absence of information concerning the economic circumstances that determine individual labor market choices.
Andolfatto and Gomme (2003) find evidence that Canadian monetary policy appears to alternate between high and low money growth rate regimes, and that private-sector belief for-mation over these unobserved regimes could induce significant... more
Andolfatto and Gomme (2003) find evidence that Canadian monetary policy appears to alternate between high and low money growth rate regimes, and that private-sector belief for-mation over these unobserved regimes could induce significant persistence in the propagation of monetary policy shocks. In this paper, we examine the sensitivity of these conclusions by re-estimating the data allowing for the possibility of multiple regimes. In doing so, we find evidence of three (rather than two) distinct monetary policy regimes. In particular, we find that one policy regime is characterized by high money growth with moderate variability. The other two policy regimes are characterized by a common low money growth rate; they are dis-tinguished primarily by their variability (high and low). A simulation exercise based on our three-regime model reveals an improvement in accounting for the behavior of the Canadian economy over some episodes; notably, the sharp increase in interest rates and the c...
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ABSTRACT
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Abstract We analyze the effects of a school-based incentive program on children's exercise habits. The program offers children an opportunity to win prizes if they walk or bike to school during prize periods. We use daily child-level... more
Abstract We analyze the effects of a school-based incentive program on children's exercise habits. The program offers children an opportunity to win prizes if they walk or bike to school during prize periods. We use daily child-level data and individual fixed effects models to ...
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... Coordinating Economist: William T.Gavin Advisory Board: Jagadeesh Gokhale Erica L. Groshen Joseph G. Haubrich Editors: Tess Ferg Robin Ratliff Design: Michael Galka Typography: Liz Hanna ... Using Bracket Creep to Raise Revenue: A Bad... more
... Coordinating Economist: William T.Gavin Advisory Board: Jagadeesh Gokhale Erica L. Groshen Joseph G. Haubrich Editors: Tess Ferg Robin Ratliff Design: Michael Galka Typography: Liz Hanna ... Using Bracket Creep to Raise Revenue: A Bad Idea Whose Time Has Passed ...