appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic …

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 …-run (noncyclical)unemployment rate in Germany by 1.4 percentage points. We also find that the welfare of employed households increases …

externalities and equilibrium unemployment. Our model incorporates endogenous labor force participation and two margins of … consumption and output; a marginal increase in the unemployment and labor force participation rates; and an expansion in the … accompanied by gradual gains in output and consumption and a negligible expansion in unemployment. Critically, abstracting from …

Germany and the rest of EMU affected GDP growth and unemployment during the crisis. Not surprisingly, stimulus programmes …

stock and flow data to understand key developments. We find dramatic changes in employment, unemployment and labour market …