We analyze to what extent skill heterogeneity in the labor market with different wage formation mechanisms can explain the features of the Spanish labor market. The model assumes two types of workers with differences in skills. Skilled labor sets wages in an efficiency way while unskilled labor...

La Nouvelle Macroéconomie Keynésienne a récemment insisté sur les notions de complémentarité stratégique et de défauts de coordination. En particulier, l'hétérogénéité entre «répondants» et «non-répondants » a été perçue comme donnant un poids disproportionné aux «...

Past experiences and social forces have been incorporated into tastes in order to analyze various microeconomic issues. We use these extended preferences to model the making of standard-of-living aspirations and study their effect on macroeconomic variables. We concentrate first on consumption...

In this paper we empirically investigate a possible transmission of the European business cycle to Sub-Saharan Africa’s economies. This linkage may be of interest because the EMU is the main trading partner of African countries, and many of these countries use the euro as either the official...

This paper contributes to the already vast literature on demography-induced international capital flows by examining the role of labor market imperfections and institutions. We setup a two-country overlapping generations model with search unemployment, which we calibrate on EU15 and US data....