Most studies of optimal monetary policy under learning rely on optimality conditions derived for the case when agents have rational expectations. In this paper, we derive optimal monetary policy in an economy where the Central Bank knows, and makes active use of, the learning algorithm agents...

Abstract will be soon available

This paper analyses the effects of labour market expectations and admission probabilities on students' application strategies to higher education. The starting hypothesis of this study is that students consider the expected utility of their choices, a function of expected net lifetime earnings...

We examine how much children and responsibilities related with them contribute towards the divergence of men’s and women’s wages, and consequently, to the formation of the gender wage gap. To derive the relative contribution of gender specific wage inequalities caused by the parenthood to...

We study the entry to formal employment and earnings of a large sample of convicts released from Hungarian prisons in 2002-2008. We identify the effect of the prison service on post-release careers by exploiting differences in the timing of incarceration, on the one hand, and estimating fixed...

Although apprenticeship training has been praised for its effectiveness in smoothing the school-to-work transition of non-college bound students, most studies rely on cross country or cross track comparisons. This study compares apprenticeship training students with non-apprentices within...

The Hungarian Labour Market Yearbook series was launched 14 years ago by the Institute of Economics of the Hungarian Academy of Science with support from the National Employment Foundation (OFA). The yearbook presents the main characteristics of Hungarian employment policy and each year features...

We investigate the economic consequences of the implementation of a particular aspect of Basel III in the U.S. Specifically, the Basel III proposal and the corresponding U.S. rule (hereafter referred to as the removal of the AOCI filter) to make the inclusion of unrealized fair value gains and...

Standard simple-sum monetary aggregates, like M3, sum up monetary assets that are imperfect substitutes and provide different transaction and investment services. Divisia monetary aggregates, originated from Barnett (1980), are derived from economic aggregation and index number theory and aim to...

Power indices have been used to evaluate the allocation of power in a wide range of voting situations. While they use the language of game theory known measures of a priori voting power are hardly more than statistical expectations assuming the random behaviour of the players. We introduce a...