In the paper, some empirical results from a macroeconometric disequilibrium model for the Federal Republic of Germany are reported. In the theoretical model, a delayed adjustment of employment and investment is analyzed. Market disequilibrium is introduced by allowing for a sluggish adjustment...

A dynamic model of the firm is worked out, which pays special attention to a delayed adjustment of employment, investment, and the production technology. A three-step decision structure is assumed, with short-run adjustment of output, medium-run adjustment of employment, and long-run adjustment...

This paper is devoted t.o an interpretation of both vacancy data and the Beveridgecurve. Officially reported vacancy data are critically reviewed. The theoretical foundation and empirical application of the Beveridge-curve is examined. We find that the Beveridge-curve is everything but a...

This paper constitutes an interim report on the development of a macroeconometric disequilibrium model. Despite several caveats the model as it stands can be used already for two purposes. First, it is possible to investigate the models forecasting abilities. While the estimation period of the...

In many European countries, wages are determined by collective bargaining agreements intended to improve wages and reduce inequality. We study the local and aggregate effects of collective bargaining in Italy and Germany. The two countries have similar geographical differences in firm...