This paper presents information on wage bargaining institutions, collected using a standarised questionnaire. Our data provide information from 1995 and 2006, for four sectors of activity and the aggregate economy, considering 23 European Countries, plus the US and Japan. Main findings include a...

This paper shows that a modified real business cycle (RBC) model, one that includes home production and fiscal spending shocks, can solve one of the RBC puzzles and generates zero correlation between wages and hours. In addition, the micro-founded model presented here provides a sound...

The paper analyses the current credit crisis and finds that NCM or Neo-Wicksellian models are inadequate to detect the roots of the crisis, let alone to deal from a policy perspective with the problems and the cures. It attempts to rectify some of these drawbacks of the NCM models and in the way...

This paper presents a dynamic stochastic general equilibrium model in which there is a small productive role for money. The equilibrium of the model is characterized by indeterminacy. This implies that the economy can display fluctuations at business cycle frequencies even in the absence of...

In this paper we introduce a coupled model for business cycles of a set of economies that consists of a possibly large number of individual economies. The possible dynamics are treated and phenomena like phase locking, resonance and localization are discussed.

The issue of the backward-looking versus the forward-looking Phillips curve is still an open question in the macroeconomics profession. We identify the real output effects of monetary policy shocks as a crucial implication of the traditional Phillips curve. The backward-looking Phillips curve...