This paper illustrates, based on an example, the importance of consistency between empirical measurement and the concept of variables...

This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips...

Kiel Policy Brief No. 36: The period of imported price stability in the advanced economies may come to an end soon as inflation in...

Germany’s leading economics research institutes have downwardly revised their forecasts for 2018 and 2019. They now expect economic...

The economic researchers at the Kiel Institute have revised their forecast for the GDP growth rate for the current and coming year...

The economic researchers at the Kiel Institute for the World Economy (IfW Kiel) have lowered their forecast for GDP growth in the...

The German economic upturn has gained both in terms of strength and breadth. In addition to consumer spending, external trade and...

The German economy is experiencing a moderate recovery: the GDP is expected to grow by 1.9 percent this year, 1.4 percent next year,...

The European Central Bank (ECB) continues its low interest rate policy. Since it relies on the average price development in the euro...

Dynamic stochastic general equilibrium (DSGE) models with generalized shock processes, such as shock processes which follow a vector...

Labor’s share of income varies over the business cycle, and different theories of nominal rigidities predict different behaviors for...

We identify the effects of the supply of mortgage credit on house prices, using the politicallydirected credit-targeting regime of...

We examine both the degree and the structural stability of inflation persistence at different quantiles of the conditional inflation...

This paper documents a puzzling fact, namely that there is a significant negative relation between employment protection legislation...

The paper considers an elementary New-Keynesian three-equation model and compares its Bayesian estimation based on conventional priors...

I evaluate the degree to which different wage-setting mechanisms in labor market search models can fit the aggregate facts on labor’s...

This paper investigates the accuracy of forecasts from four DSGE models for inflation, output growth and the federal funds rate using...

This paper analyzes the effects of short-time work (i.e., government subsidized working time reductions) on unemployment and output...

(Panel) Smooth Transition Regressions substantially gained in popularity due to their flexibility in modeling regression coefficients...

DSGE models with generalized shock processes have been a major area of research in recent years. In this paper, I show that the...