The Eurozone faces a fourfold challenge: (1) fiscal support: to provide a credible mechanism for supporting countries with high and rapidly rising national debt and high borrowing costs; (2) fiscal responsibility: to ensure that all member states of the Eurozone credibly commit to sustainable...

Die Staatsschuldenkrise im Euroraum kann kurzfristig nicht gelöst werden: Die finanzielle Unterstützung für die Schuldnerstaaten reicht nicht aus, deren Austeritätsprogramme wirken zu restriktiv und die Mitgliedsländer sind nicht bereit, auf Fiskalkompetenz zu verzichten. Die Autoren...

This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and the labor force. Using Solow growth and endogenous growth...

The paper examines the determinants of the division of labor within firms. It provides an explanation of the pervasive observed changes in work organization away from the traditional functional departments and towards multi-tasking and job rotation. Whereas the existing literature on the...

This paper provides a critique of the ?unemployment invariance hypothesis,? according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and the labor force. Using Solow growth and endogenous growth...

The paper analyzes the contemporary organizational restructuring of production and work within firms. We emphasize the shift from a "Tayloristic" organization of work (characterized by significant specialization by tasks) to a "holistic" organization (featuring job rotation, integration of tasks...

This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity and the labor force. Using Solow growth and endogenous growth...