We provide a Keynesian growth theory in which pessimistic expectations can lead to very
persistent, or even permanent, slumps characterized by high unemployment and weak …

Using an original micro-dataset from France, we investigate nominal wage stickiness.
Nominal wage changes are found to occur at a quarterly frequency of around 38 percent …

This paper studies exchange rate policy in a small open economy model featuring an
occasionally binding collateral constraint and Fisherian deflation. The goal is to evaluate the …

Using panel data of 19 OECD countries observed over 40 years and data on specific labor
market reform episodes we conclude that labor market institutions matter for business cycle …

Using micro data for the UK and Germany, we provide novel evidence on the cyclical
properties of reservation wages and estimate that wages and reservation wages are …

This paper provides a framework to understand the adjustment triggered by an episode of
debt deleveraging among financially integrated countries. During a period of international …

We study the consequences of the COVID-19 pandemic on productivity by matching firm
performance outcomes with corresponding firm-level information on government support …

This paper presents a new empirical regularity between the volatility of productivity growth
and long-run unemployment for a given level of long-run productivity growth. A theoretical …

A rapidly growing literature suggests that monopsony power is common in US labor markets.
I examine whether this result generalizes to Europe, where collective bargain ing …

This paper examines optimal monetary policy in a currency union model with liquidity-
constrained (LC) consumers. The result demonstrates that given LC consumers in the home …