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Seemingly Irrelevant Events Affect Economic Perceptions and Expectations: The FIFA World Cup 2006 as a Natural Experiment
Dohmen, Thomas; Falk, Armin; Huffman, David; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2006
Prominent economic theories have emphasized the role of commonly held perceptions and expectations for determining macroeconomic outcomes. A key empirical question is how such collectively held beliefs are formed. We use the FIFA World Cup 2006 as a natural experiment. We provide direct evidence...
Persistent link: https://www.econbiz.de/10005703189
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Bubble Economics and Structural Change: The Cases of Spain and France Compared
Agnese, Pablo; Hromcová, Jana - Institute for the Study of Labor (IZA) - 2015
This paper delves into the recent events that led to the formation of the housing bubble in Spain and the resulting structural change that is arguably needed to put the economy back into the right track. For this purpose we calibrate a model with different equilibria descriptive of the labor...
Persistent link: https://www.econbiz.de/10011250613
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A Kaldor Matching Model of Real Wage Declines
Sattinger, Michael - Institute for the Study of Labor (IZA) - 2001
A model linking macroeconomic phenomena and income distribution in balanced growth equilibria is developed as a variant to the Kaldor model of factor shares. It departs from the original Kaldor model in assuming equal savings rates and production determined by a matching process between workers...
Persistent link: https://www.econbiz.de/10005703257
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Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - Institute for the Study of Labor (IZA) - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10008632737
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Understanding Inter-Industry Wage Structures in the Euro Area
Genre, Véronique; Kohn, Karsten; Momferatou, Daphne - Institute for the Study of Labor (IZA) - 2009
This paper focuses on the euro area wage structure and its potential determinants from a sectoral viewpoint. Merging information from the OECD Structural Analysis database with data from the EU Labour Force Survey, we construct a cross-country panel of 22 industries in 8 euro area countries for...
Persistent link: https://www.econbiz.de/10005703494
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Downward Nominal Wage Rigidity in Europe: An Analysis of European Micro Data from the ECHP 1994-2001
Knoppik, Christoph; Beissinger, Thomas - Institute for the Study of Labor (IZA) - 2005
This paper substantially extends the limited available evidence on existence and extent of downward nominal wage rigidity in the European Union and the Euro Area. For this purpose we develop an econometric multi-country model based on Kahn’s (1997) histogram-location approach and apply it to...
Persistent link: https://www.econbiz.de/10005822909
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Migration as an Adjustment Mechanism in the Crisis? A Comparison of Europe and the United States
Jauer, Julia; Liebig, Thomas; Martin, John P.; Puhani, … - Institute for the Study of Labor (IZA) - 2014
disparities, in particular within the Eurozone where there is no exchange-rate mechanism available to play this role. We shed some … be absorbed by migration within a year. However, in the Eurozone the reaction mainly stems from migration of third …-country nationals. Even within the group of Eurozone nationals, a significant part of the free mobility stems from immigrants from third …
Persistent link: https://www.econbiz.de/10010884205
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Real Unit Labour Costs in Eurozone Countries: Drivers and Clusters
Ordóñez, Javier; Sala, Hector; Silva, José I. - Institute for the Study of Labor (IZA) - 2014
We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong … uncovered through decomposition and cluster analyses. In the last three decades, the PIIGS (Portugal, Ireland, Italy, Greece …
Persistent link: https://www.econbiz.de/10010884247
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Capital Prices and Eurozone Competitiveness Differentials
Askenazy, Philippe - Institute for the Study of Labor (IZA) - 2013
Competitiveness differentials are blamed for the instability of the Eurozone. Most of the analyses focus on labour … beginning of the century. Germany is an exception. A large increase in the prices of buildings, structures and lands for private …
Persistent link: https://www.econbiz.de/10010627845
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Macroeconomic Volatilities and the Labor Market: First Results from the Euro Experiment
Merkl, Christian; Schmitz, Tom - Institute for the Study of Labor (IZA) - 2010
This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone …
Persistent link: https://www.econbiz.de/10008611512