By assuming Cobb-Douglas production technology, many well-known imperfectlycompetitive macroeconomic models of the labour market (e.g. Layard, Nickell andJackman, 1991) imply that equilibrium unemployment is independent of the capitalstock. This paper introduces a new notion of capacity into the...

Europe is a continent of cities with a remarkable history of cultural inspiration, wealth creation, social and politicaldynamism. But in the late-20th century, many former industrial cities entered a period of steep decline, losingmost of their manufacturing jobs and many of their economic...

Gegenstand des hier erörterten Arbeitsmarkteffektes sind geplante Investitionen der Deutschen Bahn AG in neues Zugmaterial. Konkret geht es um den Kauf von bis zu 300 Zügen mit der Projektbezeich-nung ICx bei der Firma Siemens, die ab 2016 (und bis 2030) die Generation der ICE-, IC- und...

This paper analyzes the joint effect of EPL and financial market imperfections on investment,capital-labour substitution, labour productivity and job reallocation in a cross-countryframework. In the spirit of Rajan and Zingales (1998) and Ciccone and Papaioannou (2006),we exploit variation in...

The paper draws upon the work of T.W. Schultz to show that human capital theory andlabor market adjustments have important implications for investing in people for the 21st Century.[...]