Showing 1 - 10 of 26
More advanced technologies demand higher degrees of specialization - and longer chains of production connecting raw inputs to final outputs. Longer production chains are subject to a "weakest link" effect: they are more fragile and more prone to failure. Optimal chain length is determined by the...
Persistent link: https://www.econbiz.de/10013135410
This paper analyses the main features and determinants of labour market reforms in the EU over the period of 2000 … increased policy activity in most policy domains in a large number of EU countries, initially to cushion the impact of the … indicates that reform activism is stronger in countries with lower GDP per capita and long-standing EU membership, under …
Persistent link: https://www.econbiz.de/10011288689
-Saxon countries (the US and the UK), two Continental European countries (France and Germany) and two Scandinavian countries (Norway … probabilities observed in US, with mixed success in Europe. In contrast, matching shocks and job destruction shocks play a larger … role in most European countries relative to the US …
Persistent link: https://www.econbiz.de/10013114011
This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of capital may be unbounded above. I argue that this property is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the...
Persistent link: https://www.econbiz.de/10013123693
We consider trade between a flexible wage America and a rigid real wage Europe. In a benchmark case, a move from autarky to free trade doubles the European unemployment rate, while it raises the American unskilled wage to the high European level. Entry of the unskilled South to world markets...
Persistent link: https://www.econbiz.de/10013125263
This paper uses a sample of 116 recession episodes in developed and emerging market economies to compare the labor-market recovery during financial crises with that of other recession episodes. It documents two new stylized facts. First, labor-market recovery from financial crises is...
Persistent link: https://www.econbiz.de/10013099123
Recent dramatic declines in U.S. stock and housing markets have led to widespread speculation that shrinking retirement …
Persistent link: https://www.econbiz.de/10013150735
between the EU and US going back to 1980. This paper is about the strong negative tradeoff between productivity and employment …, productivity growth in the EU-15 has slowed while that in the United States has accelerated. But Europe's productivity growth … employment growth across countries and time. Our primary explanatory variables to explain both the revival of EU employment …
Persistent link: https://www.econbiz.de/10012772452
How have labor market institutions and welfare-state transfers affected jobs and productivity in Western Europe, relative to industrialized Pacific Rim countries? Orthodox criticisms of European government institutions are right in some cases and wrong in others. Protectionist labor-market...
Persistent link: https://www.econbiz.de/10012760709
The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their...
Persistent link: https://www.econbiz.de/10013018300