This paper provides a theoretical and empirical appraisal of the shocks-institutions controversy as an explanation of unemployment heterogeneity in OECD countries. Since the influential work of Blanchard and Wolfers (2000), many studies have tried to explain the differences in the OECD...

We develop a new version of the production function (PF) approach usually used for estimating the output gap of the euro area. Our version does not call for any (often imprecise) measure of the capital stock and improves the estimation of the trend total factor productivity. We asses this...

We develop a new version of the production function (PF) approach for estimating the output gap of the euro area. Assuming a CES (constant elasticity of substitution) technology, our model does not call for any (often imprecise) measure of the capital stock and improves the estimation of the...

Pour la première fois depuis le début des années 2000, l’économie mondiale affronte une crise susceptible d’interrompre la trajectoire de croissance qu’elle a engagée au sortir des turbulences provoquées par l’éclatement de la bulle Internet. Au-delà des pertes colossales que...