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We analyze the main forces affecting financial system pro-cyclicality (the fact that developments in the financial sector can amplify business cycle fluctuations). We first review some major structural developments in financial markets that may influence pro-cyclicality and that have been...
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the micro-structure of the recent export recovery in 2010 in manufacturing industries in Germany after the great recession …
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This paper establishes stylized facts about the cyclicality of real consumer wages and real producer wages in Germany …
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Germany, we find that works councils affect wage growth only in combination with collective bargaining. Wage adjustments to …
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