Three features of real‐life reforms of dual employment protection legislation (EPL) systems are particularly hard to study through the lens of standard labor‐market search models: (i) the excess job turnover implied by dual EPL, (ii) the nonretroactive nature of EPL reforms, and (iii) the...

This paper reviews the experience so far of the Spanish labour market during the Covid-19 crisis in the light of current institutions, past performance during recessions, and the policy measures adopted during the pandemic. Emphasis is placed on the role of worldwide trends in labour markets...

Quantile factor models (QFM) represent a new class of factor models for high-dimensional panel data. Unlike approximate factor models (AFM), which only extract mean factors, QFM also allow unobserved factors to shift other relevant parts of the distributions of observables. We propose a quantile...

Three features of real-life reforms of dual employment protection legislation (EPL) systems are particularly hard to study through the lens of standard labour-market search models: (i) the excess job turnover implied by dual EPL, (ii) the non-retroactive nature of EPL reforms, and (iii) the...

This paper considers a simple model of self-fulfilling expectations that leads to a multiple equilibrium of gender gaps in wages and participation rates. Rather than resorting to moral hazard problems related to unobservable effort, like in most of the related literature, our model fully relies...