This paper documents a puzzling fact, namely that there is a significant negative relation between employment protection legislation and the usage of the intensive margin of labor market adjustments. We then make use of a Real Business Cycle model...

I evaluate the degree to which different wage-setting mechanisms in labor market search models can fit the aggregate facts on labor’s share. I find that staggered bargaining in nominal wages best allows the model to plausibly match the negative...

Global competition and the global financial crisis have put additional pressures on education programs around the world. A new wave of globalization is under way, in which outsourcing and offshoring no longer just affect unskilled and manufacturing...

DSGE models with generalized shock processes have been a major area of research in recent years. In this paper, I show that the structural parameters governing DSGE models are not identified when the driving process behind the model follows an...

This paper analyzes the effects of short-time work (i.e., government subsidized working time reductions) on unemployment and output fluctuations. The central question is whether the rule based component (i.e., the existence of the institution...

This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips curve, from a closed economy context to an open economy one with both commodity trade and capital mobility. We also...

Resorting to stationary and non-stationary panel data econometrics we offer tests for "Ricardo's 93% theory of value" for 10 OECD countries over different time periods and aggregation levels. The theory does not find empirical support.

KKB 1: Die weltwirtschaftliche Expansion ist im Verlauf des Jahres 2014 erneut ins Stocken geraten. Von einem Aufschwung, der von allen Regionen getragen wird,

The paper considers an elementary New-Keynesian three-equation model and compares its Bayesian estimation based on conventional priors to the results from the method of moments (MM), which seeks to match a finite set of the model-generated second...

This paper studies the role of labor market institutions in business cycle fluctuations. We develop a DSGE model with search and matching frictions and incorporate a US unemployment insurance experience rating system. Layoff taxes based on experience...