Search Results

Showing results 1 to 10 of approximately 16.

(refine search)
Author:Lebow, David E. 

Working Paper
Downward nominal wage rigidity: evidence from the employment cost index

We examine the extent of downward nominal wage rigidity using the microdata underlying the BLS employment cost index--an extensive, establishment-based dataset with detailed information on wage and benefit costs. We find stronger evidence of downward nominal wage rigidity than did previous studies using panel data on individuals. Firms appear able to circumvent part, but not all, of this rigidity by varying benefits: Total compensation displays modestly less rigidity than do wages alone. Given our estimated amount of rigidity, a simple model predicts that the disinflation over the 1980s would ...
Finance and Economics Discussion Series , Paper 1999-31

Working Paper
Fiscal rules and monetary policy

Working Paper Series / Economic Activity Section , Paper 148

Working Paper
Imperfect competition and business cycles: an empirical investigation

Working Paper Series / Economic Activity Section , Paper 104

Working Paper
Economic performance under price stability

Working Paper Series / Economic Activity Section , Paper 125

Working Paper
Measurement error in the consumer price index: where do we stand?

We survey the evidence bearing on measurement error in the CPI and provide our best estimate of the magnitude of CPI bias. We also identify a "weighting" bias in the CPI that has not been previously discussed in the literature. In total, we estimate that the CPI overstates the change in the cost of living by about 0.6 percentage point per year, with a confidence interval that ranges from 0.1 to 1.2 percentage points. Roughly half of this bias is accounted for by the CPI's inability to fully capture the welfare improvement from quality change and the introduction of new items. Our bias ...
Finance and Economics Discussion Series , Paper 2001-61

Working Paper
Is the shift toward employment in services stabilizing?

Working Paper Series / Economic Activity Section , Paper 123

Discussion Paper
Inflation Perceptions and Inflation Expectations

In this note, we discuss new data on consumers' perceptions of recent inflation from the University of Michigan Surveys of Consumers (MSC). Our preliminary results show that survey responses indicate inflation perceptions differ widely across individuals (with a slightly wider distribution than for inflation expectations) but the bulk of responses are between zero and five percent.
FEDS Notes , Paper 2016-12-05-2

Working Paper
Import competition and wages: the role of the nontradable goods sector

Working Paper Series / Economic Activity Section , Paper 115

Working Paper
An analysis of the welfare implications of alternative exchange rate regimes: an intertemporal model with an application

We construct a two-period model of an open economy and use the model to analyze the welfare implications of fixed and floating exchange regimes. Consumers have perfect foresight and save by holding domestic and foreign bonds, which are chosen according to relative interest rates, deflated by the rate of devaluation of the domestic currency. The government produces a pure public good and finances its deficits by issuing money, domestic bonds, and by foreign borrowing. The government's bonds compete with private investment, which is entirely debt financed. Foreign exchange, i.e., foreign bonds, ...
International Finance Discussion Papers , Paper 273

Working Paper
Inflation, nominal wage rigidity, and the efficiency of labor markets

Finance and Economics Discussion Series , Paper 95-45