A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...

We examine job flows in the 1990s for a sample of 13 European countries. By using a dataset of continuing firms that covers all sectors, we find firm characteristics to be important determinants of job flows, with smaller and younger firms within services typically having a larger degree of job...

Social expenditure in Poland appears to increase regional employment disparities. In particular, the farmers' social fund (KRUS) seems to contribute to the rising regional dispersion in the number of recipients of social transfers. This is the result of KRUS benefits being poorly related to...

On the face of it, Austria’s labour market performs very well, which is reflected in one of the lowest unemployment rates in the EU. However, while many of the euro area members have recently succeeded in reducing unemployment, the Austrian jobless rate has been on a clearly rising path since...

This report examines the evidence and policy lessons that can be drawn from the findings of the fifth European Working Conditions Survey (EWCS) carried out in 2010. The focus is on the links between working conditions and labour market participation in the light of the EU’s longstanding policy...

The European Restructuring Monitor’s annual report for 2014 explores the rapid transformation of the public sector in Europe since the onset of the financial crisis in 2008. Initially, employment expansion in the sector helped to stabilise Europe’s economy while the private sector suffered...

Die aktuelle sozialpolitische Agenda der Europäischen Union, die in der Mitteilung der Kommission vom Juni 2000 skizziert und im Dezember 2000 vom Europäischen Rat in Nizza verabschiedet wurde, erstreckt sich auf den Zeitraum bis 2005. Die nächste Sozialagenda umfasst den Zeitraum 2006-2010...

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...

There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...