作者：Carling, K; Holmlund, B; Vejsiu, A
作者单位：Uppsala University
摘要：In June 1995, the Swedish parliament decided to cut the replacement rate in unemployment insurance from 80% to 75%, a change that took effect on 1 January 1996. The paper exploits a quasi-experimental feature of the benefit reform to examine the effect on job finding. We compare the evolution of transitions to employment before and after the reform among those affected and those not affected. Our estimates suggest that the reform caused an increase in the transition rate of roughly 10%. Moreov...
作者：Canzoneri, MB; Cumby, RE; Diba, BT
作者单位：Georgetown University
摘要：A new 'fiscal' theory of price determination has implications for exchange rate systems and common currency areas. We show that deeper monetary integration requires the discipline of a Ricardian regime; that is, the government must guarantee fiscal solvency for any sequence of prices or exchange rates. Particularly striking results are that a currency peg is not credible without the discipline of a Ricardian regime, and a common currency area is not viable if fiscal policy in two (or more) of ...
