. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and … delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain … constrained, and Germany will play only a modest role in spurring growth elsewhere. …

by reducing real wages below levels allowed by technological growth, changes in the unemployment rate, and institutional …

-run (noncyclical) unemployment rate in Germany by 1.4 percentage points. We also find that the welfare of employed households increases … German unemployment insurance system and resulted in a significant reduction in unemployment benefits for the long …-term unemployed. In this paper, we use an incomplete-market model with search unemployment to evaluate the macro-economic and welfare …