Klein, Mathias; Schiman, Stefan - 2019 - This version: February 28, 2019
factors within a single comprehensive framework based on robust sign restrictions. We find that wage bargaining shocks account … for most of the observed unemployment decline. Wage moderation was most pronounced right after the implementation of Hartz … IV, but it persisted far beyond that. Moreover, the real effects of wage bargaining shocks were stronger post-1999, i …