We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is countercyclical...

This article aims at estimating leading indicators of the American economy with financial variables. We use two types of hidden Markov chains models, a quantitative one (Krolzig (1997)) and a qualitative one (Gregoir and Lenglart (2000)). These models provide a robust and reliable framework to...

Junge Menschen in Europa haben weiterhin große Schwierigkeiten beim Eintritt in den Arbeitsmarkt. Obwohl die Jugendarbeitslosenquote in einigen Mitgliedstaaten allmählich zurückgeht, konnten insgesamt 23 % der jungen Arbeitssuchenden in Europa im Alter zwischen 15 und 24 Jahren in der EU28 im...

In this article an overview of the German macroeconomic performance in the last decade is stressed; extraordinary recovery of the German productivity and successes of the foreign trade face depressed domestic demand and a still worrying situation in the labour market. This article attempts to...