This paper takes a fresh look at the analysis of labour market dynamics and argues that capital accumulation plays a fundamental role in shaping unemployment movements. This role has generally been examined by considering indirect transmission channels of the capital stock effects, i.e. using...

The Nordic countries have remarkably high participation rates of mothers and a moderate decrease of fertility rates compared to other western countries. This has been attributed to the fact that the welfare state model and, especially, the family friendly policies chosen in the Nordic countries...