This paper proposes a model of efficiency wage with endogenous workers flows in interaction with imperfect competition on the product markets. Subject to economy-wide shocks, firms hire and fire workers thus generating a certain turnover. We show that the intensity of this turnover negatively...

The paper explores the institutional determinants of differences in European, Japanese and American unemployment and innovation pattern in a "comparative institutional analysis" perspective. Building on the definition of different modes of coordination among firms, the question is addressed as...

In a macro-economic framework where the European Central Bank targets individual country data, the nature of strategic interactions between fiscal authorities in the euro-zone can be described as a stag hunt game with (at least) two equilibria that can be pareto-ranked. In fact we show that,...

This paper develops a theoretical analysis of training regimes as outcomes of a complementarity between organizational and institutional factors that determine firms' and workers' incentives as regards skills. Specifically, the paper proposes that, on the one hand, knowledge embeddedness within...

A major issue in the current economic debate is related to the striking difference betweenEurope, Japan and US concerning the level and evolution of unemployment. This paperexplores the micro determinants of these observed stylized facts. In a first part, atheoretical framework is presented...

According to the contemporary political economy literature on France, the country appears caught in the worst of all possible worlds: it fails to create the conditions for economic growth and employment by deregulating labour markets as the UK has done, and it lacks the institutional...