Senior Fellows/Fellows

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Senior Fellows/Fellows

The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey da...
Keywords: Remote work, amenity value, wage growth, inflation dynamics, recession risk, business expectations,
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AMPF Papers

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Commissioned Paper

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May 2022

Measures of the decline in r ∗ are (almost) exclusively based on a fall in government bond yields. Yet, measures of the return on private aggregate capital are roughly constant, or slightly increasing, in most advanced economies. This fact is robust across measures of the demand for capital, using...
Keywords: liquidity trap, zero lower bound, unconventional monetary policy.
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AMPF Papers

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Policy Note

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May 2022

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AMPF Papers

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Policy Note

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May 2022

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AMPF Papers

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Policy Note

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May 2018

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