We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the … coefficients are proportional to the aggregate in all four countries. We also show that the standard deviation of unemployment is …

We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the … coefficients are proportional to the aggregate in all four countries. We also show that the standard deviation of unemployment is …

We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the … world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment … present-value multipliers for distinct fiscal instruments, and to assess how discretionary fiscal policy in Germany and the …

from pre-crisis levels. In other countries, where unemployment has remained subdued, such as Germany and the Netherlands … commentators have argued that the subsequent rise in unemployment exceeded previous estimates of the elasticity of the unemployment …-term estimate of Okun’s coefficient implying that the deviation in unemployment during the crisis resulted from a larger output gap …

International real business cycle models are not able to account for the high volatility of imports, exports, the trade …, the model presented here comes much closer to replicating the relatively high volatility observed in the data while also …

This paper attempts to determine whether or not the introduction of the euro affected the volatility of bilateral … breaks in volatility across investigated variables, there is high heterogeneity regarding the located dates. Moreover, the … realignments in the Exchange Rate Mechanism seem to play a significant role in the reduction of volatility in some European …