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This paper extends the equilibrium business cycle framework to incorporate ex ante skill heterogeneity among workers. Consistent with the empirical evidence, skilled and unskilled workers in the model face the same degree of cyclical variation in real wages although unskilled workers are subject to substantially higher procyclical variation in employment. Systematic cyclical changes in the average skill level of employed workers are shown to induce bias in aggregate measures of cyclical variation in the labor input, productivity, and the real wage. The introduction of skill heterogeneity improves the model’s ability to match the empirical correlation between total hours and the real wage but the correlation between total hours and labor productivity remains higher than in the data.

Labor --- Macroeconomics --- Production and Operations Management --- Business Fluctuations --- Cycles --- Demand and Supply of Labor: General --- Wage Level and Structure --- Wage Differentials --- Wages, Compensation, and Labor Costs: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Economics: General --- Macroeconomics: Production --- Labour --- income economics --- Real wages --- Productivity --- Production --- Economic theory --- Labor economics --- Industrial productivity --- United States --- Income economics

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This paper develops a new empirical framework for analyzing the dynamics of the trade balance in response to different types of macroeconomic shocks. The model provides a synthetic perspective on the conditional correlations between the business cycle and the trade balance that are generated by different shocks and attempts to reconcile these results with unconditional correlations found in the data. The results suggest that, in the post-Bretton Woods period, nominal shocks have been an important determinant of the forecast error variance for fluctuations in the trade balances of the Group of Seven countries.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Economic Theory --- Empirical Studies of Trade --- Business Fluctuations --- Cycles --- Open Economy Macroeconomics --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- International economics --- Currency --- Foreign exchange --- Economic theory & philosophy --- Economic growth --- Trade balance --- Real exchange rates --- Supply shocks --- Exchange rates --- Business cycles --- International trade --- Economic theory --- Balance of trade --- Supply and demand --- United States

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This paper provides new empirical evidence on the relationship between reservation wages of unemployed workers and macroeconomic factors--including the unemployment rate and generosity of the unemployment compensation system--as well as individual-specific determinants, such as human capital proxies and length of unemployment spell. The longitudinal dataset provides an interesting perspective on how reservation wages change over time and how they correlate with accepted wage offers for workers who move from unemployment to employment. The findings shed light on the disincentive effects of the German tax and transfer system for the employment decisions of unemployed workers at different skill levels.

Business & Economics --- Labor & Workers' Economics --- Labor --- Macroeconomics --- Wages, Compensation, and Labor Costs: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Aggregate Factor Income Distribution --- Labour --- income economics --- Wages --- Unemployment --- Unemployment rate --- Labor supply --- Income --- National accounts --- Labor market --- Germany --- Income economics

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"New technologies are shaking the foundations of traditional finance. Leading economist Eswar S. Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Facebook's Diem. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people"--

Digital currency. --- Banks and banking, Central. --- International finance. --- international finance --- futures market --- financial policy --- virtual currency --- new technology --- global organisation --- investment policy --- internationale finanser --- διεθνή δημοσιονομικά --- finanças internacionais --- međunarodne financije --- finanse międzynarodowe --- finances internationales --- tarptautiniai finansai --- меѓународни финансии --- finanze internazionali --- међународне финансије --- kansainvälinen rahoitustoimi --- internationale financiën --- finanzas internacionales --- международни финанси --- finanzi internazzjonali --- financa ndërkombëtare --- Internationale Finanzierung --- internationella finanser --- mezinárodní finance --- medzinárodné financie --- finanțe internaționale --- starptautiskās finanses --- mednarodne finance --- nemzetközi pénzügyek --- rahvusvaheline rahandus --- кредитна линија --- política de inversión --- investičná politika --- política de investimento --- επενδυτική πολιτική --- investeringsbeleid --- politica d'investimento --- politika tal-investiment --- naložbena politika --- investicijų politika --- investeringspolitik --- ieguldījumu politika --- polityka inwestycyjna --- politika ulaganja --- investiční politika --- Investitionspolitik --- политика улагања --- investeerimispoliitika --- politique d'investissement --- инвестициска политика --- befektetési politika --- инвестиционна политика --- politikë për investimet --- politică de investiții --- investointipolitiikka --- политика на вложување --- beruházási politika --- investicijska politika --- světová organizace --- Παγκόσμιος Οργανισμός --- starpkontinentu organizācija --- pasaulinė organizacija --- organizzazione mondiale --- zwischenstaatliche Organisation --- organizzazzjoni dinjija --- organización mundial --- mondiale organisatie --- organização mundial --- världsorganisation --- organizatë botërore --- maailmaorganisatsioon --- светска организација --- organizacja międzynarodowa --- svetová organizácia --- világszervezet --- svetovna organizacija --- organizație mondială --- svjetska organizacija --- world organisation --- maailmanjärjestöt --- световна организация --- organisation mondiale --- Διεθνής Διακυβερνητικός Οργανισμός --- organizacja międzykontynentalna --- world organization --- global organization --- међувладина међународна организација --- interkontinental organisation --- organizatë botërore ndërqeveritare --- tarpžemyninė organizacija --- kontinensek közötti szervezet --- međuvladina organizacija --- intergovernmental world organization --- mezinárodní mezikontinentální organizace --- organizzazione intergovernativa internazionale --- organização intergovernamental internacional --- organizatë globale --- rahvusvaheline valitsustevaheline organisatsioon --- internationale intergouvernementele organisatie --- nemzetközi kormányközi szervezet --- междуконтинентална организация --- organizzazione intergovernativa --- organizație interguvernamentală internațională --- глобална организација --- интерконтинентална организација --- светска меѓувладина организација --- globalna organizacija --- organisation intergouvernementale internationale --- organización intergubernamental internacional --- organizație intercontinentală --- mezikontinentální organizace --- kansainväliset hallitustenväliset järjestöt --- organisation intercontinentale --- mednarodna medvladna organizacija --- tarptautinė tarpvyriausybinė organizacija --- medzikontinentálna organizácia --- medzinárodná medzivládna organizácia --- organização intercontinental --- международна междуправителствена организация --- organización intercontinental --- mellanstatlig internationell organisation --- starptautiska --- međuvladina svjetska organizacija --- intergovernmental world organisation --- międzynarodowa organizacja międzyrządowa --- nieuwe technologie --- ny teknik --- új technológia --- нова технология --- nowe technologie --- jauna tehnoloģija --- nuova tecnologia --- nova tecnologia --- nová technológia --- nueva tecnología --- teknologji e re --- nouvelle technologie --- nová technologie --- uus tehnoloogia --- uusi teknologia --- tehnologie avansată --- neue Technologie --- teknoloġija ġdida --- нова технологија --- νέες τεχνολογίες --- nova tehnologija --- ny teknologi --- naujoji technologija --- moderná technológia --- alta tecnologia --- Spitzentechnologie --- neuartige Technologie --- tecnología avanzada --- technique de pointe --- fejlett technológia --- advanced technology --- Hightech --- advanced technique --- kõrgtehnoloogia --- avanceret teknik --- alta tecnología --- progresivní technologie --- high-tech --- korszerű technika --- forkantteknologi --- teknikë e përparuar --- arenenud tehnoloogia --- spetsteknik --- špičková technika --- högt utvecklad teknik --- hoch entwickelte Technik --- arenenud tehnika --- high technology --- technologie avancée --- tecnologia de ponta --- висока технологија --- tecnologia di punta --- tecnica d'avanguardia --- avancerad teknik --- tecnologia nova --- geavanceerde technologie --- tecnología punta --- csúcstechnológia --- napredna tehnologija --- hoogontwikkelde technologie --- tecnica di punta --- speerpunttechnologie --- kehittynyt teknologia --- högteknologi --- teknologji e lartë --- τεχνολογία αιχμής --- pažangioji technika --- напредна технологија --- attīstīta tehnoloģija --- korkea teknologia --- højteknologi --- προηγμένη τεχνολογία --- technologie nouvelle --- augstās tehnoloģijas --- модерна технологија --- tehnică avansată --- haute technologie --- spitstechnologie --- tecnologia avanzata --- high tech --- aukštoji technologija --- attīstīta metode --- înaltă trhnologie --- spjutspetsteknik --- špičková technologie --- visoka tehnologija --- korszerű technológia --- moderná technika --- pažangioji technologija --- kehittynyt tekniikka --- fortgeschrittene Technologie --- tecnologia avançada --- hightech --- υψηλή τεχνολογία --- virtuális fizetőeszköz --- virtuele munteenheid --- virtuaalivaluutta --- виртуална валута --- virtuell valuta --- moeda virtual --- virtuālā valūta --- virtuální měna --- munita virtwali --- virtualioji valiuta --- virtuálna mena --- virtualna valuta --- monnaie virtuelle --- waluta wirtualna --- virtuaalvääring --- valuta virtuale --- moneda virtual --- εικονικό νόμισμα --- virtuelle Währung --- monedă virtuală --- виртуелна валута --- virtuel valuta --- airgeadra fíorúil --- cibermoeda --- kybernetická měna --- virtuaaliraha --- MV --- munita ċibernetika --- kriptovaliuta --- cybervaluta --- kryptomena --- cyber-monnaie --- digitale munteenheid --- moeda digital --- digitális fizetőeszköz --- cryptomunt --- criptomonedă --- criptovaluta --- kryptoraha --- système de monnaie virtuelle --- kryptoměna --- bitmonēta --- criptomoeda --- cryptovaluta --- criptomoneda --- internetes fizetőeszköz --- regime de moeda virtual --- criptea-airgeadra --- Bitcoin --- sistema de moneda virtual --- cyber currency --- system waluty wirtualnej --- VCS --- virtuelle Währungen --- kyberraha --- virtuele valuta --- kibervalūta --- cryptocurrency --- kryptovaluta --- ВВ --- crypto-monnaie --- Cyberwährung --- sustav virtualne valute --- σύστημα εικονικού νομίσματος --- systém virtuálnych mien --- munita kriptografika --- kybernetická mena --- waluta kryptograficzna --- dinero virtual --- systém virtuálních měn --- kriptovaluta --- sistem de monedă virtuală --- криптовалута --- cybermunt --- kriptonauda --- kriptovalūta --- virtuelles Währungssystem --- digitale munt --- monedă cibernetică --- moneda digital --- bitkoinas --- virtuaalivaluuttajärjestelmä --- virtuālās valūtas sistēma --- kybervaluutta --- RMV --- virtuali valiuta --- sistem virtualnih valut --- схема за виртуална валута --- waluta internetowa --- virtual currency scheme --- виртуална парична единица --- kibervaluta --- kryptowaluta --- cibervaluta --- кибервалута --- κυβερνονόμισμα --- sistema di valuta virtuale --- kryptovaluutta --- küberraha --- bitcoin --- bitmoneta --- virtuaalinen raha --- virtuális pénznem --- Kryptowährung --- digital valuta --- κρυπτονόμισμα --- virtualiosios valiutos sistema --- биткойн --- SMV --- skema ta’ muniti virtwali --- spletna valuta --- kriptopénz --- VC --- moeda eletrónica --- internetska valuta --- polityka finansowa --- politika finanzjarja --- pénzügyi politika --- χρηματοπιστωτική πολιτική --- política financiera --- politique financière --- rahoituspolitiikka --- politică financiară --- rahanduspoliitika --- финансијска политика --- финансова политика --- finanšu politika --- financijska politika --- finanspolitik --- financieel beleid --- finančníctvo --- finanční politika --- финансиска политика --- política financeira --- politica finanziaria --- finansų politika --- finančna politika --- Finanzpolitik --- politikë financiare --- политика на јавни финансии --- financial reform --- reforma financeira --- reformë financiare --- finansreform --- χρηματοπιστωτική μεταρρύθμιση --- financiële hervorming --- pénzügyi reform --- νομισματοπιστωτική πολιτική --- мерки за финансиски реформи --- finanšu reforma --- reforma financiera --- reformă financiară --- financijska reforma --- Finanzreform --- finanční reforma --- finantsreform --- riforma finanziaria --- rahoitusuudistus --- réforme financière --- finansų reforma --- termijnmarkt --- piață la termen --- margadh todhchaíochtaí --- futuurikaubandus --- terminsmarknad --- terminsmarked --- határidős piac --- ročno tržište --- Terminmarkt --- terminski trg --- rynek terminowy --- suq tal-futuri --- προθεσμιακή αγορά --- trh s termínovanými obchodmi --- standartizētu termiņnoguldījumu tirgus --- ateities sandorių rinka --- mercado a plazo --- фючърсен пазар --- mercado a prazo --- futuurimarkkinat --- marché à terme --- терминско тржиште --- термински пазар --- termínový trh --- mercato a termine --- treg i kontratave me shitblerje në të ardhmen --- forwardmarked --- contrat à terme standardisé --- conradh todhchaíochtaí --- határidős tőzsdei ügylet --- Finanzterminkontrakt --- future --- προθεσμιακές πράξεις --- operação cambial a prazo --- финансови фючърси --- futuuri --- contrato a plazo --- форуърден пазар --- talletusmarkkinat --- standardizirana terminska pogodba --- contract la termen de tip forward --- contrat à terme normalisé --- ateities rinka --- kuntratt tal-futuri --- forward market --- futuro financiero --- finančna standardizirana terminska pogodba --- фючърси --- regulētā tirgū tirgots nākotnes līgums --- termiinisopimus --- contratto future --- tržište budućih isporuka --- mercado a término --- réamhchonradh --- sandorių ateičiai rinka --- optioner --- фючърсен договор --- instrument financiar la termen --- suq forward --- rahoitusfutuurisopimus --- futures --- tähtpäevaleping --- standartizēti nākotnes līgumi --- termijncontract --- piață futures --- terminskontrakt --- futuurid --- terminsko tržište --- nestandardizirana terminska pogodba --- budućnosnice --- futuros --- форуърдна сделка --- ateities sandoriai --- kuntratt forward --- rahoitusfutuuri --- termínový kontrakt --- mercado de futuros --- πράξεις επί προθεσμία --- finanční futures --- trh s futures --- finansinė ateitis --- terminski ugovor --- Termingeschäft --- termiinimarkkinat --- financial future --- forward contract --- forwardová smlouva --- sandoriai ateičiai --- futuurit --- contratto a termine --- termiņnoguldījumu tirgus --- Terminkontrakt --- termínované obchody --- futuurleping --- futurekontrakt --- finansiel future --- kontrakt terminowy typu forward --- futuri --- contract futures --- contrat à terme d'instruments financiers --- futur finanzjarju --- termínové obchody --- finantsfutuur --- futuurisopimus --- συμβόλαια μελλοντικής εκπλήρωσης --- contrat forward --- forwards --- futures contract --- termiini --- operación a plazo --- futuros financeiros --- kontrata me shitblerje në të ardhmen --- finansielt terminspapir --- strumenti finanziari a termine --- kontrakt terminowy typu future --- contrato de futuros --- futurita --- forward --- forwardový trh --- contrat à terme de gré à gré --- finančná budúcnosť --- operațiuni la termen --- Economie --- Bankwezen --- Munt (betaalmiddel) --- Geld --- Geldwezen --- Geldwaarde --- Beurs (financiewezen) --- Beursgang --- Beurshervorming --- Money. Monetary policy --- beartas infheistíochta --- beartas airgeadais --- Monetair beleid --- Technologische vooruitgang --- Cryptomunt --- Monetaire economie --- Toekomstvisie --- eagraíocht dhomhanda --- nuatheicneolaíocht --- airgeadais idirnáisiúnta --- 333.400 --- Geldwezen: algemeenheden --- Internationale Finanzierung

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