In this note we check the existence of an S-surve for Croatia, Hungary and Slovenia. We interpret the results in the spirit of the business cycle literature. Compare institutions, fiscal/monetary policy, whether they had currency/banking crises within the sample, how much they trade trade and...

This paper describes the lottery- and insurance-market equilibrium in an economy with non-convex private- and public-sector employment. In contrast to Vasilev (2015a, 2015b), the public-sector labor supply decision is a sequential one. This requires two separate insurance market to operate, one...

In this paper we investigate the quantitative importance of collective agreements in explaining uctuations in Bulgarian labor markets. Following Maffezzoli (2001), we introduce a monopoly union in a real-business-cycle model with government sector. We calibrate the model to Bulgarian data for...

This note describes the lottery - and insurance-market equilibrium in an economy with non-convex straight-time and overtime employment. In contrast to Hansen and Sargent (1988), the overtime-decision is a sequential one. This requires two separate insurance market to operate, one for...

We introduce progressive consumption taxation into a real-business-cycle setup aug- mented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative...

We show that in a exogenous growth model with non-market ("home") sector calibrated to Bulgarian data under the progressive taxation regime (1993-2007), the economy ex- hibits equilibrium indeterminacy due to the presence of non-market production. These results are in line with the findings in...