The paper extends the framework of the EUP to cover the effects of changes in the number of working hours. Beside this, a measure for the structural imbalances not only for the labour market (structural unemployment rate at equilibrium) but also for the goods market are presented. The empirical...

This paper suggests improvements on leading indicators based on survey data. Three main point are discussed. a) The use of survey data at sectoral level results in a longer lead of the indicator series. Exploiting the information contained in "no change" answers by applying the concept of...

The paper extend some key elements of the EUP framework. First, the number of working hours and the number of jobs are treated separately. Neglecting the interactions between hours and jobs might, for instance, lead to too optimistic predictions concerning the effects from reducing the working...

This paper is devoted to the problem of aggregation in models with quantity constraints. The focus is on quantity rationing macroeconomic (QRM) models where the micromarket outcome can be written as the minimum of several variables and where the diversity of situations across micromarkets is...

Real business cycle models generally neglect demand shocks. Technological productivity shocks are the primary source of economic fluctuations. The multisectoral consequences of this assumption are described in the well-known model of Long and Plosser (1983). The presented paper shows that...