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Monetary Policy with Declining Deficits: Theory and an Application to Recent Argentine Monetary Policy
The authors study the nature of the optimal monetary policy in a regime of fiscal dominance when the monetary authority?which can print money or issue interest-earning debt?is required to finance an exogenous sequence of transfers to the Treasury. They show that the degree of commitment on the part of the monetary authority has a significant impact on the details of the optimal policy. They apply this model to the recent experience of Argentina and find that the inflation rate experienced by Argentina during the first year of the monetary program is close to the predictions of a weakly ...
Shifting Times: The Evolution of the American Workplace
We explore the substantial shifts in the American labor force and workplace over almost 70 years, showing that the identity, education, race and occupations of the average American worker have all been changing. We document big changes in the types of jobs being done by American workers and on the assignment of jobs across workers with different educational levels and other characteristics. Regardless of how much more challenging labor markets become for everyone, the aggregate productivity is higher when the country takes advantage of the talent of all the demographic groups and not just a ...
In the U.S. Hispanic Labor Force, Women Surpass Men in Multiple Ways
In the U.S., female Hispanic workers surpass male counterparts in education and in high-paying jobs.
Hispanics and Their Contribution to America’s Human Capital
In this article, we explore the transformation in the human capital of Hispanics and how these shifts have impacted their occupations and integration into the American workplace. We describe not only the substantial increase in the numbers but also the significant diversity and assimilation of Hispanic workers in the U.S., how they compare with their peers in terms of education, and their participation in different occupations. We also put emphasis on the presence of Hispanics in the higher-earning occupations and describe the increased role of Hispanic women in those occupations.