Firms select not only how many, but also which workers to hire. Yet, in standard search models of the labor market, all workers have...

The labor market in Germany is more sclerotic and volatile than in the US. We show theoretically that sclerosis and large volatilities...

This paper analyzes the cost of disinflations under real wage rigidities in a micro-founded New Keynesian model. The consensus is that...

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to...

This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone offers an...

Several contributions have recently assessed the size of fiscal multipliers both in RBC models and in New Keynesian models. This paper...

This paper shows that announced credible disinflations under inflation targeting lead to a boom in a standard New Keynesian model...

Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks’ regulatory...

Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks’ regulatory...

Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks’ regulatory...

This paper reveals that German firms with working time accounts (WTAs) show a similar separation and hiring behavior in response to...

We characterize efficient allocations and business cycle fluctuations in a labor selection model. Due to forward-looking hiring and...

This paper characterizes e fficient labor-market allocations in a labor selection model. The model's crucial aspect is cross-sectional...

This paper analyzes the cost of disinflations under real wage rigidities in a micro-founded New Keynesian model. The consensus is that...

This paper analyzes the cost of disin‡ation under real wage rigidities in a micro- founded New Keynesian model. Unlike Blanchard and...

The paper reviews the recent conduct of monetary policy and the central bank's rule-based behavior in Russia. Using different policy...