The concept of financial balances implies that the general government balance can be improved only if the enterprise sector and the foreign sector simultaneously increase their financial deficits and the household sector cuts its surplus. This paper explores how these adjustments can be...

Das Konzept der Finanzierungssalden impliziert, dass das Finanzierungsdefizit des Staates nur verringert werden kann, wenn sich gleichzeitig der Unternehmenssektor und das Ausland stärker verschulden oder die privaten Haushalte ihren Überschuss verringern. Dieses Working Paper untersucht, wie...

This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may...

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...

The free movement of people and of workers (intra EU mobility) is one of the corner-stones of the EU. It has overwhelmingly benefitted the citizens of the EU member states both in the countries of work and in the countries of origin. Earlier apprehensions on crowding out of less educated workers...