In this paper we employ survey information on more than 10,000 Southern and Eastern European firms and panel data methods to assess the effects of the COVID-19-related lockdown and government support policies on the business operations of enterprises. Our findings reveal considerable size- and...

How effective are "smart" sanctions in imposing costs on an adversary? We consider this question in a model where a targeted regime may choose to "shield" strategically important firms from harm. Using detailed firm and individual data, we estimate the impact on firm performance from smart...

Pundits around the world have criticized Germany for either trying to reshape Europe in its image or acting in its own self-interest. Germany has been accused of creating a new "empire," of pursuing a new Sonderweg, of "going global alone," of evasiveness, self-imposed isolation, and bullying....

This paper develops a dynamic general equilibrium model with three distinct social groups, capitalists, private workers and public employees. After solving for the status quo equilibrium, which can mimic the advantages of employment in the public sector in most EU countries, the paper looks for...

In this paper, we set out to examine an efficient fiscal-policy framework for a monetary union. We illustrate that fiscal policy’s bias toward budget deficit only temporarily ceased at the end of the 20th century as European countries endeavored to qualify for euro-zone membership, which...

Organisations centring their operations around human resources, in which skills are instrumental to the attainment of organisational goals, should create a climate to incentivise performance: the returns on any training depend on employee performance. To elicit such performance, organisations...

This paper provides a theory and firm-level evidence on the incorporation decision of entrepreneurs in a model of taxes and corporate governance. The theory explains how the incorporation decision of entrepreneurs is driven by taxation (corporate and personal income taxes), corporate...