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dc.creatorCasares Polo, Migueles_ES
dc.creatorVázquez, Jesúses_ES
dc.description.abstractThe volatility of unemployment fluctuations has been about 3 times higher in Spain than in Germany over the recent business cycles (1996-2013). In contrast, fluctuations of the rate of wage inflation were significantly more volatile in Germany than in Spain. We estimate a New-Keynesian model and find several explanatory factors: wage rigidity has been higher in Spain, the labor force has been more elastic in Germany than in Spain, large and persistent shocks augmenting the labor force have been estimated for Spain whereas in Germany there have been substantial shocks reducing the intensity of hours per worker, and the ECB’s policy design brought monetary shocks with much greater influence to the Spanish unemployment.es_ES
dc.description.sponsorshipMiguel Casares and Jesús Vázquez acknowledge financial support from the Spanish Ministerio de Economía (research projects ECO2015-64330-P and ECO2013-43773P, respectively).es_ES
dc.format.extent44 p.
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)es_ES
dc.subjectGermany versus Spaines_ES
dc.subjectDSGE modelses_ES
dc.titleWhy are labor markets in Spain and Germany so different?es_ES
dc.typeDocumento de trabajo / Lan gaiakes
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Economíaes_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Ekonomia Sailaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes

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CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
Except where otherwise noted, this item's license is described as CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)