While a widespread consensus exists among macroeconomists that the German labour market reforms in 2003-2005 have successfully contributed to the decline of the unemployment rate, critics claim that the reforms led to wage restraint and consequently consumption dampening accompanied by...

This paper addresses the design of the machinery of collective bargaining from the perspective of the needs of microeconomic and macroeconomic flexibility. In the former context, greater attention is given over to enterprise flexibility than external adjustment. In the latter context, close...

While a widespread consensus exists among macroeconomists that the German labour market reforms in 2003-2005 have successfully contributed to the decline of the unemployment rate, critics claim that the reforms led to wage restraint and consequently consumption dampening accompanied by...

This paper analyzes the performative impact of the European Commission's model for estimating ‘potential output', which is used as a yardstick for measuring the ‘structural budget balance' of EU countries and, hence, is crucial for coordinating European fiscal policies. In pre-crisis years,...

Scholarship on the relationships between key macroeconomic variables and defense investment is divided on both the appropriate level of aggregation for such analysis, and the direction of causality between macroeconomic variables and defense investment. Both NATO and the EU, through the European...

This paper addresses the design of the machinery of collective bargaining from the perspective of microeconomic and macroeconomic flexibility. In the former context, somewhat greater attention is given over to enterprise flexibility than external adjustment. In the latter context, close...

In a closed economy general equilibrium model, Hopenhayn and Rogerson (1993) find large welfare gains to removing firing restrictions. We explore the extent to which international trade alters this result. When economies trade, labor market policies in one country spill over to other countries...

This paper discusses the idea of applying an artificial trading market approach, commonly used in environmental policy, to employment policy as a means of creating jobs more effectively. Artificial market approaches, as exemplified by the emission permits trading system, theoretically represent...