intra-company loans. Taxation, however, does not fully explain the high levels of intra-company borrowing. Roughly 60% of …

of hiring) and of government funding (lump sum taxation versus distortionary taxation). We find that in presence of … demand stimuli fiscal multipliers are zero and even turn negative when financed with distortionary taxation. On the other …

capital markets and especially for labor. Major issues are regulation and taxation. …

the taxation-unemployment relationship and whether this relationship is exogenous or simultaneously determined. Hausman … specification tests indicate that the impact of taxation on short-term unemployment is positive and exogenous whereas the … relationship between taxation and long-term unemployment is simultaneously determined. Correcting for this simultaneity results in …