报告题目：Why are labor markets in Spain andGermany so different?
报 告 人：Miguel Casares (Universidad Pública de Navarra, Associate Professor)
语 言： 英文
The volatility of unemployment fluctuations has been about 3 times higher in Spain than in Germanyover the recent business cycles (1996-2013). In contrast, fluctuations of the rate of wage inflationwere significantly more volatile in Germany than in Spain. We estimate a New-Keynesian model andfind several explanatory factors: wage rigidity has been higher in Spain, the labor force has been moreelastic in Germany than in Spain, large and persistent shocks augmenting the labor force have beenestimated for Spain whereas in Germany there have been substantial shocks reducing the intensity ofhours per worker, and the ECB’s policy design brought monetary shocks with much greater influenceto the Spanish unemployment.
Keywords:unemployment, Germany versus Spain, DSGE models.
JEL classification:E12, E23, E32