Die Bekämpfung der Arbeitslosigkeit genießt oberste wirtschaftspolitische Priorität - dieser Feststellung wird kaum …

After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian … models the fall in aggregate unemployment does not affect employed workers at all. However, Lüchinger, Meier and Stutzer … (2010) found that the risk of unemployment negatively affects utility of employed workers: An increases in aggregate …

This paper compares alternative estimation procedures for multi-level factor models which imply blocks of zero …

for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy …