This paper introduces two datasets, AUGAMA, a panel of European firms for the period 1996-2011, and EUMULNET, a European Multinational Network data set. These datasets are constructed on the basis of the Amadeus database issued by Bureau Van Dijk Electronic Publishing. We document the process of...

In several OECD countries age-targeted wage subsidies have been introduced to increase the employment of older workers, but evidence on their effectiveness is scarce. This paper examines the effects of a permanent wage cost subsidy in Belgium on the employment rate, working time and hourly wage....

Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...

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This article describes a new Stata routine, xtbcfe, that performs the iterative bootstrap-based bias correction for the fixed effects (FE) estimator in dynamic panels proposed by Everaert and Pozzi (Journal of Economic Dynamics and Control, 2007). We first simplify the core of their algorithm...

We develop and parameterize an overlapping generations model that explains hours worked, education, and unemployment within one coherent framework. We extend previous work in this tradition by introducing individuals with heterogeneous ability and a unionized labour market for lower ability...

This paper analyzes the amount of time variation in the parameters of a reduced-form empirical macroeconomic model for the U.S. economy. We set up an unobserved components model to decompose output, inflation and unemployment in their stochastic trend and business cycle gap components. The...

wage indexation to past in ation, a nding that is at odds with the assumption of constant indexation parameters in most New-Keynesian DSGE models. We build a DSGE model with endogenous wage indexation in which utility maximizing workers select a wage indexation rule in response to aggregate...

We contribute to the investment-cash ow sensitivity debate by creating a new index to identify the supply of finance to firms. We find that firms that are considered constrained according to our index pay a higher interest rate on their debt, and display the highest investment-cash fl ow...

This paper studies the structure and the evolution of worldwide trade integration from 1880 up to 1995. Starting from historical trade and GDP data we use a state-space model to construct a bilateral historical trade index. This index is subsequently used to study globalization and the distance...