This paper finds that a model with sticky information is less successful than a standard model featuring nominal rigidities, inflation indexation, and habits in generating the dynamics triggered by technology shocks, as estimated by a vector autoregression using U.S. macroeconomic data. The real wage responses after a permanent increase in productivity clearly favor the standard model. The stic...

According the qur’ānic verses, God is the first teacher of the Qur’ān. The Prophet (s) used different methods to teach the Qur’ān and recommended others to teach it, especially to one’s children. The question of the permissibility or impermissibility of receiving wage for the teaching of the Qur’ān has brought about some disagreements among Muslim scholars, where each group has relied on some q...

A macroeconomic model is developed in which the psychological concept of loss aversion is incorporated into agents’ preferences. The impact of monetary policy in the presence of loss aversion depends on the specification of the reference wage. The plausible specification that a worker’s reference wage is the real wage she was paid in the previous period is considered in detail. We show that an ...

This paper argues that a risk averse of workers after-tax reservation wage the difference between her reservation wage and the tax needed to fund the unemployment insurance system when liquidity constraint binds exists and it is unique. The optimality of unemployment insurance based on the responsiveness of reservation wage to unemployment benefit shows the disincentive effect, i.e. higher unem...

Investments in the extension of health insurance coverage, the strengthening of public health services, as well as primary care and better hospitals, highlights the emerging role of healthcare as part of China’s new growth regime, based on an expansion of services, and redistributive policies. Such investments, apart from their central role in terms of relief for low-income people, serve to reb...

The tea plantation sector has been considered to be a major source of livelihood and employment for the population of the regional economies. Structural changes in this sector have led to the emergence of labour categories such as permanent estate workers, casual estate workers and self employed small tea growers. Several studies have attempted to understand the human development status of the ...