The aim of the article is to clarify the controversies surrounding the relationship between inflation and unemployment in the three most economically significant countries in the world (apart from China), namely the United States, Japan, and Germany, during the coronavirus pandemic (from January...

The recession started in 2008 constituted a massive shock to consumers and most firms all over the Western World. Firms were hit on their sales and finances. However, little is known on how badly they were hit and how they coped with the difficulties. This paper gives a rare and fairly early...

Since the so-called Hartz IV reforms around 2005 and during the global crisis of 2008/2009, the German labor market featured mainly declining unemployment rates. We develop a search and matching model with heterogeneous skills to explore the role of structural and cyclical policies for this...

The Danish model won fame for its performance during the 1990s and the beginning of the 2000-years and took a position as a model for the European Employment Strategy and a much cited example of a real life flexicurity model. Like most other European countries Denmark has now fallen into a deep...

We document that fluctuations in part-time employment play a major role in movements in hours per worker, especially during cyclical swings in the labor market. Building on this result, we propose a novel representation of the intensive margin based on a stock-flow framework. The evolution of...

This paper shows that health is an important determinant of labor market vulnerability during large economic crises. Using data on adults during Sweden's unexpected economic crisis in the early 1990s, we show that early and later life health are important determinants of job loss after the...

We conduct an accounting exercise of the role of worker flows between unemployment, employment, and labor force nonparticipation in the dynamics of the aggregate unemployment rate across four recent recessions: 1982-1983, 1990-1991, 2001, and 2007-2009 (the Great Recession). We show that,...

We investigate the macroeconomic consequences of fluctuations in the effectiveness of the labor-market matching process with a focus on the Great Recession. We conduct our analysis in the context of an estimated medium-scale DSGE model with sticky prices and equilibrium search unemployment that...

This paper analyzes Germany's unusual labor market experience during the Great Recession. We estimate a general equilibrium model with a detailed labor market block for post-unification Germany. This allows us to disentangle the role of institutions (short-time work, government spending rules)...