effects vary with prevailing economic conditions and institutions. Impulse responses of aggregate outcomes (GDP growth … that some labour market reforms (e.g. of unemployment benefit systems and job protection) pay off more quickly in good …

to facilitate hiring dynamics and to minimise long-term unemployment and scarring risks among vulnerable groups who have …

, and a temporary impact on unemployment. However, labour market integration of immigrants (as well as integration of second …

, and a temporary impact on unemployment. However, labour market integration of immigrants (as well as integration of second …

transition from unemployment and selected forms of inactivity (e.g. fulfilling domestic tasks, studying) to jobs and from one job …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …

substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model …

positions. In a probabilistic voting model, we show that a lack of financial institutions can lead to more corruption as more … voters become part of the corrupt system. Well-functioning financial institutions, in turn, can increase the political …