Over the period 1972-1986, the correlations of GDP, employment and investment between the United States and an aggregate of Europe, Canada and Japan were respectively 0.76, 0.66, and 0.63. For the period 1986 to 2000 the same correlations were much lower: 0.26, 0.03, and -0.07 (real...

Many quantitative studies have shown a stylised fact that fluctuations in business fixed investment dominate the business cycle pattern. The dynamics of the investment process have historically been seen as important elements of capital formation and economic progress. Why is it then that...

Shocks to the marginal efficiency of investment are the most important drivers of business cycle fluctuations in US output and hours. Moreover, these disturbances drive prices higher in expansions, like a textbook demand shock. We reach these conclusions by estimating a DSGE model with several...

Aufbauend auf der These einer zunehmenden Vermarktlichung von Beschäftigungsverhältnissen und des Endes der Organisationsgesellschaft von Davis (2009a, 2009b) untersuchen wir den Wandel der Industrienation Deutschland zur Dienstleistungs- und Wissensgesellschaft und fragen, ob mit diesem...

We document substantial heterogeneity in occupational employment dynamics in response to government spending shocks. Employment rises most strongly in service, sales, and office ("pink-collar") occupations. By contrast, employment in blue-collar occupations is hardly affected by fiscal stimulus...