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Are furlough schemes useful under normal business cycle conditions? We address this question using administrative data from Finland, where such a scheme has long existed, and a model of firm dynamics …
Discussion paper
I examine the long-established scheme of furloughs in Finland, using detailed data on unemployment spells from 1999 to 2021. Furloughs allow employers in financial difficulty to suspend wages and …
Discussion paper
We establish new efficiency results for decentralized markets with quality uncertainty. Buyers encounter a succession of passing trade opportunities and related asset information, allowing them to …
Discussion paper
This paper considers average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have …
Discussion paper