Andrew Marder

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The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Abstract We investigate the extent to which inflation targeting helps anchor long-run inflation expectations by comparing the behavior(More)
We investigate the extent to which inflation expectations have been more firmly anchored in the United Kingdom—a country with an explicit inflation target—than in the United States—a country with no such target—using the difference between far-ahead forward rates on nominal and inflation-indexed bonds as a measure of compensation for expected inflation and(More)
We investigate the extent to which inflation targeting helps anchor long-run inflation expectations by comparing the behavior of daily bond yield data in the United Kingdom and Sweden—both inflation targeters—to that in the United States, a non-inflation-targeter. Using the difference between far-ahead forward rates on nominal and inflation-indexed bonds as(More)
Many central banks have adopted a formal inflation-targeting framework based on the belief and the theoretical predictions that an explicit and clearly communicated numerical objective for the level of inflation over a specified period would, in itself, be a strong communication device that would help anchor long-term inflation expectations. 1 Empirically(More)
We study a competitive labor market with imperfect information. In our basic model, the labor market consists of heterogeneous workers and ex ante identical firms who have imperfect information about workers' productivities. Firms compete by posting wages each round to win the right to make job offers, and take turns to cherry-pick more productive workers.(More)
Acknowledgments First and foremost, I am indebted to my advisers. I thank Johannes Schmieder for not only providing me with the best training in empirical methods for applied microe-conomic research I could ask for, but also making me a more thoughtful researcher by constantly pushing me to tackle interesting and important questions. I thank Kevin Lang for(More)
We study a competitive labor market with imperfect information. In our basic model, the labor market consists of heterogeneous workers and ex ante identical firms who have imperfect information about workers' productivities. Firms compete by posting wages each round to win the right to make job offers, and take turns to cherry-pick more productive workers.(More)