Recent empirical studies on the inflation-growth-relationship underline that inflation has negative growth effects … influence of inflation on factor substitution. It turns out that already in a simple neoclassical monetary growth model this … potential positive effects of inflation along the convergence path. In a more general perspective the paper contributes to a …

This paper shows that adjustment costs modelled as firing costs of moderate size go a long way in explaining the … variability and counter-cyclicality of the labour share at the firm and aggregate level. Firing costs cause firms to fire less in … recessions and hire less in booms causing wage costs to fluctuate less cyclically than output, thus inducing variability and …

Greece, Portugal, Spain and Ireland for 1980-1999. We find that an improvement in the net lending position of the government …