This paper presents an integrated approach to wage and employment determination combining microeconomic evidence with macroeconomic theory. More specifically, we first develop an efficiency wage model with labor turnover and show that the worker’s decision problem gives rise to a quit-rate function. We then use microeconomic data to estimate this quit-rate function and to test the specification...

Globalization has brought larger spillovers of global risks across borders since the 2000s. Specifically, policy risk sharply increased due to uncertainty in major countries recent decade as are shown Brexit, US-China trade friction and COVID-19 pandemic. This paper empirically investigates effects both financial on macroeconomy markets eight from January 1997 June 2020. We employed a structura...

We discuss and review literature on the macroeconomic effects of epidemics pandemics since late twentieth century. First, we cover role health in driving economic growth well-being standard frameworks for assessing burden infectious diseases. Second, sketch a general theoretical framework to evaluate trade-offs policy makers must consider when addressing diseases their repercussions. In so doin...

Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance of financial stability, including the management of financial crises. The latter mission is closely connected to regulation and supervision of the banking system, so I include this within the central banker's perspective, as well as broader issues related to systemi...

This paper presents a model in which "instrument uncertainty"—that is, an uncertain mapping from monetary policy to macroeconomic outcomes—may mitigate the inflationary bias problem that arises when efficient monetary policy rules are time-inconsistent. If the relation between monetary policy and macroeconomic outcomes is uncertain, the private sector has an incentive to scrutinize the past for...

The Dungey and Pitchford (DP) paper and the Debelle and Vickery (DV) paper are important contributions to the macroeconomic analysis of unemployment in Australia. Both papers focus on the question of what macroeconomic factors would reduce unemployment in Australia. Both papers use a rigorous theoretical framework as a basis for developing empirical relationships between unemployment, economic ...

The new classical macroeconomics is today certainly the most coherent, if not the dominant, school of macroeconomic thought. The pivotal document in its two decades of development is Robert Lucas’s 1976 paper, “Econometric Policy Evaluation: A Critique.” Lucas argued against the then reigning methods of evaluating the quantitative effects of economic policies on the grounds that the models used...