Why is there a negative correlation between business cycles in Jordan and the EU15? This paper explores the hypothesis that TFP increases in Europe spill over to Jordan only if embodied in FDI, but that European TFP growth negatively affects the Jordanian economy through higher world interest...

This paper explains the divergent behavior of European and US unemployment rates using a job market matching model of the labor market with an interaction between shocks and institutions. It shows that a reduction in TFP growth rates, an increase in real interest rates, and an increase in tax...

This paper explains the divergent behavior of European and US unemployment rates using a job market matching model of the labor market with an interaction between shocks and institutions. It shows that a reduction in TFP growth rates, an increase in real interest rates, and an increase in tax...