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protection legislation and unemployment benefits. Estimates based on local projections find negative short-run effects of …
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We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...
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surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian … policy ; model uncertainty ; Bayesian model averaging ; unemployment gap ; Taylor rule …
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