Stephen Millard

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This paper reviews recent approaches to modeling the labour market and assesses their implications for in‡ation dynamics through both their e¤ect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage bargaining vs. e¢ cient bargaining, wage stickiness in new and(More)
This paper estimates a New Keynesian model with matching frictions and nominal wage rigidities on UK data. The estimation enables the identification of important structural parameters of the British economy, the recovery of the unobservable shocks that affected the UK economy since 1975 and the study of the transmission mechanism. Results show that with(More)
We present a general equilibriummodel of intermediation designed to capture some of the key features of the modern nancial system. The model incorporates nancial constraints and state-contingent contracts, and contains a clearly de ned pecuniary externality associated with asset re sales during periods of stress. If a suf ciently severe shock occurs during(More)
THE NOTION OF TRANSPARENCY is broad-ranging. It encompasses notions of accountability and political legitimacy of decision makers, as well as the legal and accounting infrastructure in which economic decisions are made. But from the operational perspective of a central bank, transparency can be regarded more narrowly in terms of the disclosure of(More)
ORGANIZING COMMITTEE: Alice Albonico, Guido Ascari, Rosalba Longhi, Lorenza Rossi, Maria Vittoria Tantardini. SCIENTIFIC COMMITTEE: Guido Ascari (University of Pavia), Giorgio Bellettini (University of Bologna), Gianluca Femminis (University Cattolica of Milano), Francesco Lippi (University of Sassari), Marco Maffezzoli (Bocconi University), Alessandro(More)
This paper uses affine models of the term structure to provide historical estimates of risk premia. The foreign exchange and inflation risk premia can be modelled in the same way since the price level can be thought of as an exchange rate that transforms real prices to nominal prices. Affine models with three latent factors of the Cox, Ingersoll and Ross(More)
This paper reviews recent approaches to modeling the labour market, and assesses their implications for in‡ation dynamics through both their e¤ect on marginal cost and on price-setting behavior. In a search and matching environment, we consider the following modeling setups: right-to-manage bargaining vs. e¢ cient bargaining, wage stickiness in new and(More)