In this paper we analyse the employment implications of firing restrictions. We find that when a recession is expected and the trend rate of productivity growth is small, a rise in firing costs affects mainly the hiring decision. Thus there is a negative effect on average employment. When, on...

Diese Dissertation untersucht, inwieweit die Annahme von Komplementarität zwischen Haushalts- und Geschäftskapital in einem DSGE-Modell mit Haushaltsproduktion eine verbesserte Abbildung der Investitionsdynamik für Deutschland und das Vereinigte Königreich erzielen kann. Sowohl für diese...

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...