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- catalog abstract "Many years since their introduction, positive theories of inflation have rarely been tested. This paper documents a negativerelationship between inflation and the parameters of the unemployment benefit program that is to be expected in such theories.Because unemployment benefits make the monetary authority less concerned about the plight of the unemployed, building awelfare state has a similar effect to appointing a conservative central banker. The relationship holds in a panel of 21 OECDcountries over the period 1961-92, a region where Romer (1993) finds no evidence of commitment problems. It also holdscontrolling for country and time fixed effects, country specific time trends, other co-variates and a lagged dependent variable.The effects are economically large: a one standard deviation decrease in benefits is predicted to add 2.7 percentage points toinflation, or 52 percent of the standard deviation in inflation. We also allow for unemployment benefits to be endogenouslydetermined. .".
- catalog contributor b11802245.
- catalog contributor b11802246.
- catalog contributor b11802247.
- catalog created "c2000.".
- catalog date "2000".
- catalog date "c2000.".
- catalog dateCopyrighted "c2000.".
- catalog description "Includes bibliographical references (p. 38).".
- catalog description "Many years since their introduction, positive theories of inflation have rarely been tested. This paper documents a negativerelationship between inflation and the parameters of the unemployment benefit program that is to be expected in such theories.Because unemployment benefits make the monetary authority less concerned about the plight of the unemployed, building awelfare state has a similar effect to appointing a conservative central banker. The relationship holds in a panel of 21 OECDcountries over the period 1961-92, a region where Romer (1993) finds no evidence of commitment problems. It also holdscontrolling for country and time fixed effects, country specific time trends, other co-variates and a lagged dependent variable.The effects are economically large: a one standard deviation decrease in benefits is predicted to add 2.7 percentage points toinflation, or 52 percent of the standard deviation in inflation. We also allow for unemployment benefits to be endogenouslydetermined. .".
- catalog extent "38 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 00-094.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 00-094".
- catalog issued "2000".
- catalog issued "c2000.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog subject "Unemployment insurance.".
- catalog title "Unemployment benefits as a substitute for a conservative central banker / Rafael Di Tella, Robert MacCulloch.".
- catalog type "text".