In den letzten Jahren hat sich eine unified theory aus der Arbeitsökonomik heraus-gebildet, in der die Meinung vorherrscht, dass die Kombination makroökonomi- scher Schocks und flexibler Arbeitsmarktinstitutionen in den USA eine starke Zu-nahme der Lohnungleichheit verursacht habe, während...

This paper proposes a model of efficiency wage with endogenous workers flows in interaction with imperfect competition on the product markets. Subject to economy-wide shocks, firms hire and fire workers thus generating a certain turnover. We show that the intensity of this turnover negatively...

Already before the final introduction of the single European currency there have been negotiations on a further enlargement of the Eurozone to the East. The accession of 10 Central and Eastern European Countries (CEEC) to Euroland is likely to be realised within the next 10 years and it is an...

In this paper, we examine how parental health affects children's development of personality traits and problem behavior. Based on a German mother-and-child data base, we draw on observed parental health shocks as a more exogenous source of health variation to identify these effects and control...

We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the recently-developed GVAR approach to model financial variables jointly with macroeconomic variables in 33 countries for the period 1983-2009. We experiment with inter-country links...

We consider a general framework to study the evolution of wage and earnings residuals that incorporates features highlighted by two influential but distinct literatures in economics: (i) unobserved skills with changing non-linear pricing functions and (ii) idiosyncratic shocks that follow a rich...

This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LICs). Four conclusions stand out. First, for many individual LICs, 2009 was not extraordinarily calamitous; however, aggregate LIC output declined...