The dynamic effects of aggregate demand and supply disturbances: reply

Article Abstract:

The conclusions of Marco Lippi and Lucrezia Reichlin in a 1993 study offer some contributions to the interpretation of VARs, but they also present some problems. The results of studies on the disturbances in supply and demand can potentially be changed by the use of non-fundamental representations by Lippi and Reichlin. However, the main points of the study of Lippi and Reichlin are valid and can be applied to the practice of macroeconometrics.

Research, Supply and demand

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The flow approach to labor markets

Article Abstract:

Macroeconomists should focus on only those factors that are keys to the understanding of aggregate evolutions when studying labor markets. A new approach to labor markets is based on the flows of workers and jobs. The components of the labor-market model include specifications of the hiring process, the determination of wages and the demand for labor based on flows of job creation and destruction.

Models, Labor market

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Social security

Article Abstract:

A retirement income system designed with perfect tax benefits, and trust fund assets is explained. Topics like labor incentives and lifetime income distribution are discussed.

United States, Taxes, Retirement Benefits, Taxation, Employee incentives

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