It is well known from the literature that a unionisation of labour markets leads to an increase in wages and a decrease in employment. However, in these models human capital formation is usually taken as given. This paper internalises the education decision and shows that a unionisation of the...

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...

We study the effects of digital transformation in the EU on individual employment outcomes, wage growth, and income inequality, during the decade 2010-2019. Our results allow us to formulate a "conveyor-belt" hypothesis, whereas digital skills are important for finding a job, but less so for...

This paper aims to identify the contribution of the business cycle and structural factors to the development of part-time employment in the EU-15 countries, through the exploitation of both cross-sectional and time series variations over the past two decades. Key results include that the...

A growing part-time employment share has been a main feature of a number of industrialized countries over the past two decades. A considerable variation in the rate of part-time work is evident by gender, age group, industrial sector and occupation. The stylized facts support the view that...

This paper looks at the role of part-time work in labour mobility for 11 European countries. We find some evidence of part-time work being used as a stepping stone into full-time employment, but for a small proportion of individuals (less than 5%). Part-time jobs are also found to be more...

This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...

This paper investigates how tax revenue elasticities develop with respect to their tax base and analyses the specific impact of the business cycle. The main novelty of the paper is to use revenue data net of discretionary tax measures. Based on an EU country panel for the period 2001-13, we...

The European Commission methodology for computing the cyclically adjusted government budget balance provides a robust measurement of the fiscal position of the Member States. The fiscal semi-elasticities at the core of this method are structural parameters, mostly of fiscal nature, not linked to...

The paper examines whether the pattern of growth in euro area employment seen in the period 1997-2001 differed from that recorded in the past and what could be the reasons for that. First, a standard employment equation is estimated for the euro area as a whole. This shows that the lagged impact...