This paper studies the effect of structural change on the historical path of aggregate labor productivity growth for a large sample of European countries, and it builds a quantitative multi-sector growth model to analyze the potential impact that structural change may have on future productivity...

The paper investigates the relationship between employment protection legislation (EPL hereafter) and labour productivity growth in the EU in the context of the Great Recession. We consider the crisis and recovery periods, evaluate the relevance of both levels and changes in EPL for productivity...

This paper provides an analysis of scenarios on the evolution of the EU GDP and aggregate consumption over the period 2020-2030, focusing on the role played by the COVID-19 shock. The gap between estimated precrisis trends and projected paths for three important variables are obtained using...

We use census data to show that structural transformation reflects a fundamental reallocation of labour from goods to services, instead of a relabelling that occurs when goods‐producing firms outsource their in‐house service production. The novelty of our approach is that it categorizes...

We propose a novel approach to the study of international trade based on a theory of country integration that embodies a broad systemic viewpoint on the relationship between trade and growth. Our model leads to an indicator of country openness that measures a country's level of integration...

We measure individual bias in labor market expectations in German survey data and find that workers on average significantly overestimate their individual probabilities to separate from their job when employed as well to find a job when unemployed. These biases vary significantly between...

Recent research documents mounting evidence for sizable and persistent biases in individual labor market expectations. This paper incorporates subjective expectations into a general equilibrium labor market model and studies the implications of biased expectations for wage bargaining, vacancy...

Anhand von Umfragedaten des Sozio-oekonomischen Panels (SOEP) analysieren wir subjektive und objektive Wahrscheinlichkeiten von Arbeitsmarktänderungen und zeigen, dass Arbeitnehmer*innen in Deutschland im Durchschnitt pessimistisch sind, innerhalb von zwei Jahren ihren Arbeitsplatz zu...

We measure individual bias in labor market expectations in German survey data and find that workers on average significantly overestimate their individual probabilities to separate from their job when employed as well to find a job when unemployed. These biases vary significantly between...

Recent research documents mounting evidence for sizable and persistent biases in individual labor market expectations. This paper incorporates subjective expectations into a general equilibrium labor market model and analytically studies the implications of biased expectations for wage...