This paper presents some estimates of the stock of the reserve army of labour, and flows into and out of the reserve army of labour for the postwar U.S. economy. Estimates of stocks are presented for the period 1948–2011 at a monthly frequency; 6 month moving average estimates of flows into and out of the reserve army of labour are presented for the period 1990–2011. Some interesting patterns i...

Introduction and summary The Federal Reserve Act (as amended by the Full Employment and Balanced Growth Act of 1978) specifies that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should seek to “promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates” (Board of Governors of the Federal Reserve System, ...

fn thN paper Jve pre,ren( [he short-term re[iabdi~ assessment problem os a risk mormgement problem, ~t,here the uncer[amry involved IS rela(ed with [ransousslon outages and [he consequences are tneusored by the dejtctt experanented b) ioads T>vo new rnethodf are formulated and vnplemented m an academic lest system First, v e formulate the short-term re[labdl~ related twks associated wIih the po...

In this paper we present a centralized model for managing, at the same time, the dayahead energy market and the reserve market in order to price through the market, beside energy, the overall cost of reliability and to assure that the power grid survives the failure of any single components, so to avoid extended blackouts. The model addresses, also, the very important point of long-term market ...

for helpful comments. Special thanks to Ed Green for discussions on the market contestability and models of innovation portions of this paper and to Patricia Rozaklis for research support as an intern. The views presented in this paper are those of the authors' alone and do not necessarily represent those of the Federal Reserve Bank of Chicago or the Federal Reserve System. Public Policy Studie...

voted to ease monetary policy, which was widely reported as a lowering of interest rates. Although some interest rates fell with the Fed' s action, the declines were generally small, and over succeeding months market interest rates tended to rise. The yield on the Treasury' s 10-year note, for example, which had been 5.63 percent on January 30, and which closed at 5.60 percent on January 31, st...

This paper studies the e¤ects of company risk and state government guarantees on the behavior of ordinary life policyholders during the 1988-1998 period. Consistent with market discipline, it ...nds a strong positive relationship between company default risk and policyholder termination rates. The paper ...nds only weak evidence of a decline in market discipline following the creation of govern...

This paper investigates how market structure a¤ects e¢ ciency and several dimensions of liquidity in an asset market. To this end, we generalize the searchtheoretic model of …nancial intermediation of Darrell Du¢ e et al. (2005) to allow for entry of dealers and unrestricted asset holdings. Keywords: bid-ask spread, execution delay, liquidity, search, trade volume JEL Classi…cation: G11, G12, G...

This paper studies the connection between risk-sharing and organizational form. It models the organizational form decision as a trade-off between the superior capital market access of the stock form and a regulatory or agency advantage held by the mutual form. When capital is expensive, consumers will substitute away from paying investors to supply risk-bearing capital and toward bearing more r...