A recent article (Koop and Tobias, 2004) proposes a direct way to characterize the extent of heterogeneity in returns to education. They investigate the adequacy of several competing models and conclude that returns to schooling are heterogeneous and are best modelled as a bivariate normal...

This article introduces a new model of trend inflation. In contrast to many earlier approaches, which allow for trend inflation to evolve according to a random walk, ours is a bounded model which ensures that trend inflation is constrained to lie in an interval. The bounds of this interval can...