We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

In recent years, coinciding with the discussion led in many OECD countries, Germany has started to contract out placement services for the unemployed to private agencies. Whereas in the Netherlands and Australia the whole system of employment services was reorganized at once, making an...

Long-term public sector sponsored training programs often show little or negative short-run employment effects and often it is not possible to assess whether positive long-run effects exist. Based on unique administrative data, this paper estimates the long-run differential employment effects of...