This paper analyzes Germany's unusual labor market experience during the Great Recession. We estimate a general … equilibrium model with a detailed labor market block for post-unification Germany. This allows us to disentangle the role of … institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform …

density function with higher density and thereby generate large, asymmetric job-finding rate and unemployment reactions. Our …

. We use a New Keynesian model with unemployment to predict the effects of different labor market institutions on …This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone … could account for volatility differences across member states, but labor market characteristics have remained very diverse …

establishments with more procyclical wages have a less procyclical hires rate and employment behavior. We propose a labor market flow … cyclicalities of all establishments to the one of the most procyclical establishments, labor market volatilities drop by more than …