Work-family policy expansion and the idea of social investment: the cases of Germany, England, South Korea and Japan
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CitationMohun-Himmelweit, S., and Lee, S. H. (2021). ‘Work-family policy expansion and the idea of social investment: the cases of Germany, England, South Korea and Japan’. In Jun Choi, Y., Fleckenstein, T. and Lee, S. (Eds.). ‘Welfare Reform and Social Investment Policy in Europe and East Asia International Lessons and Policy Implications’. Bristol: Policy Press.
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Does more complex language in FOMC decisions impact financial markets?Smales, Lee; Apergis, Nicholas; Curtin University; University of Piraeus (Elsevier, 2017-10-10)This paper is built around a simple premise that is based on the theoretical models of Harris and Raviv (1993) and Kandel and Pearson (1995). Complex statements are more difficult to interpret and may be construed in different ways by different agents. This creates heterogeneity of beliefs among market participants that manifests in increased market activity. We introduce novel measures of linguistic complexity (readability and word count) for the FOMC statements that accompany monetary policy decisions. The empirical evidence shows that monetary policy surprises have a significant impact on financial markets, and clearly demonstrates that more complex language significantly increases the trading volume, and volatility of returns, in stock, bond, and currency markets. We also establish that financial markets are more responsive to monetary policy decisions (and the language of those statements) during recession.
The influence of FOMC member characteristics on the monetary policy decision-making process.Apergis, Nicholas; Smales, Lee; University of Piraeus; Curtin University (Elsevier., 2015-12-22)This paper provides new empirical evidence on a monetary policy committee with heterogeneous members whose decisions affect the efficacy of monetary policy. It thereby provides a link between the literature on monetary policy committees and central bank monetary policy implementation through monetary rules. Using a novel dataset of the idiosyncratic characteristics of FOMC members, over the period from August 1979 to February 2014, the empirical findings show that characteristics such as education, age, and, to a lesser extent, work experience are not important in understanding the FOMC decision-making process. Instead, the results point to the importance of time spent within the Federal Reserve System, tenure on the FOMC itself, and the influence of the Chair in shaping the decision-making process. The results are expected to have implications for the capacity of economic agents, as well as various markets in the economy, to more readily interpret public (monetary policy) information that reaches them. This makes the monetary policy decision process less noisy and thus enhances the capability of agents and markets to attach the correct weight to this information.