We present a new macro tool for monitoring and forecasting labour market developments across the six largest euro area countries. The model is primarly empirical but relies on theoretical underpinning in the derivation of the trends. This paper presents a new macro tool for monitoring and...

Nickell and Layard (1999) conclude that "[t]here appear to be no differential tax effects on unemployment but there is evidence that overall labor tax rates do influence labor costs in the long run and hence raise unemployment." This paper asks whether this conclusion still holds, by approaching...

The unemployment rates of then-communist Central European countries were unnaturally low because of manipulated data and latent, "intra-firm" unemployment. As the transition of these states is now more than two decades ago, the question of how the NAIRU evolved since then arises. Because of the...

This paper investigates the factors underlying the dispersion in RULC growth rates across euro area countries. It addresses three main questions. First, how big are RULC growth differentials in EMU by historical perspective? Second, what are the reasons underlying such differentials and why does...

This paper empirically investigates the extent to which investments in human capital and information technology may have contributed to the growth dynamics of the European Union member states over the last decades. In order to measure the contribution of human capital and economic growth to...

For the health of whole economy it is important for the labour market to follow progressive trend – either by increase of work productivity or employment. Work productivity is an instrument that should be managed by employers directly. However employment is an indicator very important in...

Rationale: Macroeconomic stabilization inconsistencies with output growth, inflation and exchange rate volatility has made the Nigeria economy susceptible to external shocks. Scholars with this opinion agree that it distorts optimal productivity capacity, induce volatility in domestic output,...

Demographic change challenges the economy in many ways. The impact on pension systems, health care, labour force etc. has already been widely analysed. An ageing population directly increases the number of retired persons, the need for nursing places and the contribution rates for social...

This paper uses the IMF’s Global Integrated Monetary and Fiscal Model (GIMF) to assess the impact of fiscal consolidation on the Czech economy. Its contribution is threefold. First, it provides estimates of dynamic fiscal multipliers for a variety of fiscal instruments (tax and expenditure),...

This presentation will start with a global description of the package features, then move to an interactive computer session. The purpose of MacSim is to describe the main macroeconomic interactions, both inside and between countries, based on a set of small quarterly econometric country models,...