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This paper investigates which shocks drive asynchrony of business cycles in the euro area. Thereby, it unites two strands of literature, those on common features and on structural VAR analysis. In particular, we show that the presence of a common cycle implies collinearity of structural impulse...
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In a structural macroeconometric analysis based on comprehensive micro data, we examine the role of skill-biased technical change for the flattening of productivity growth and effects on hours worked. The results show that more than 60 percent of the slowdown in productivity growth in Germany...
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identify a technology shock and two policy shocks by using standard restrictions. Interestingly, the worker reallocation … process varies substantially with the identified shocks. The job finding rate plays a larger role after a technology shock and … a monetary policy shock, while the separation rate appears as the dominant margin after a fiscal policy shock …
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