Phelps's (1961) Golden Rule states an unambiguous relationship be- tween optimal capital intensity and fertility: a rise in fertility decreases the optimal capital intensity, because a higher fertility increases the in- vestment required to sustain a given capital to labour ratio (i.e., the cap-...

The Preston Curve - the increasing relation between income per capita and life expectancy - cannot be observed in countries where old-age dependency is widespread (that is, where long-term care (LTC) spending per capita is high). The absence of the Preston Curve in countries with high old-age...

In the standard macroeconomic search and matching model of the labor market, there is a tight link between the quantitative effects of (i) aggregate productivity shocks on unemployment and (ii) unemployment benefits on unemployment. This tight link is at odds with the empirical literature. We...

We investigate the impact of a substantial minimum wage increase, which became effective in January 2016, on consumer loans in Turkey. Using bank-level data and designing an original identification strategy, we ask whether the loans provided by banks with a historically high share of low-wage...

In this work we develop an agent-based model where hysteresis in major macroeconomic variables (e.g. GDP, productivity, unemployment) emerges out of the decentralized interactions of heterogenous firms and workers. Building upon the model in Dosi et al. (2016, 2017), we specify an endogenous...

Internet or "big" data are increasingly measuring the relevant activities of individuals, households, firms and public agents in a timely way. The information set involves large numbers of observations and embraces flexible conceptual forms and experimental settings. Therefore, internet data are...

Technological change and its impacts on labour markets are a much-discussed topic in economics. Economists generally assume that new technology penetrating the labour market shifts firms' task demand. Given individuals' acquired and supplied skills, these task demand shifts potentially foster...

Central banks need to be concerned about wages since they are a major driver of inflation. Rising wages are needed to signal directions for market adjustments to ensure growth. Wage growth is driven by relative scarcity, labor productivity and expectations about inflation and future growth....

In this work we discuss the research findings from the labour-augmented Schumpeter meeting Keynes (K+S) agent-based model. It comprises comparative dynamics experiments on an artificial economy populated by heterogeneous, interacting agents, as workers, firms, banks and the government. The...

Despite conventional macroeconomic theory is based on the idea that demand shocks can only have temporary effects on unemployment, several European economies display highly persistent unemployment dynamics. The theory of hysteresis challenges this view and points out that, under certain...