We embed human capital-based endogenous growth into a New-Keynesian model with search and matching frictions in the labor market and...

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

Recent calculations have suggested that the German federal government has saved roughly EUR 90-100 billion, cumulatively, due to low...

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

This paper studies the effects of protectionism as a business cycle instrument. In normal times, protectionism reduces international...

Money long-run super-neutrality and the vertical long-run Phillips curve are two widely shared beliefs in the economics profession and...

The paper analyzes the effects of disembodied technological progress on steady state hours worked in the workhorse New-Keynesian...

The macroeconomic surveillance mechanism of the European Union, namely the Macroeconomic Imbalance Procedure (MIP), is based on the...

We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector autoregressive (PVAR)...

We analyze the implications of changes in the trend growth rate for optimal monetary policy in the presence of search and matching...

I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not...

This paper studies the role of labor market institutions in business cycle fluctuations. We develop a DSGE model with search and...

While European countries have engaged in a debate about fiscal policy rules, little is known about the ability of these rules to...

We provide a systematic analysis of the transmission of fiscal consolidation via various instruments in a medium-scale dynamic general...

In einer Regressionsanalyse werden mögliche Determinanten kommunaler Verschuldung untersucht. Von erheblicher Bedeutung sind die...

The construction bust which accompanied the Great Recession, and the accompanying need to shift workers across sectors, have provoked...

Due to their indeterminacies, static and dynamic factor models require identifying assumptions to guarantee uniqueness of the...

Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used...

We formulate and estimate a simple fiscal policy reaction function for the euro area and individual euro area countries. Our reaction...