slowness of the recovery from the Depression was due to a shock that increased the market power of workers. We identify a … simple and familiar one. The contraction phase was primarily a consequence of a shock that induced a shift away from …

worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

Radical labour market reforms were implemented in Germany between 2002 and 2005, reforms that overturned the received … idea that Germany was suffering from "reform paralysis". However, the part of these reforms that specifically concerned … controversial and changed the party-political landscape in Germany. Shortly after the reforms were introduced, a trend reversal took …

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a …