This paper examines the importance of the zero lower bound (ZLB) constraint on the nominal interest rate by estimating three variants of a small-scale New Keynesian model: (1) a nonlinear model with an occassionally binding ZLB constraint; (2) a constrained linear model, which imposes the...

Male and female prime-age labor force participation rates have declined in the U.S. at a faster rate than in most developed countries over the past 20 years, even among people with a college degree. Stark differences in health outcomes, incarceration rates, and labor market, maternity and...