Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266168 
Year of Publication: 
2019
Citation: 
[Journal:] Economic Modelling [ISSN:] 0264-9993 [Volume:] 78 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2019 [Pages:] 192-208
Publisher: 
Elsevier, Amsterdam
Abstract: 
This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with a detailed labor market block for post-unification Germany. This allows us to disentangle the role of institutions (short-time work, government spending rules) and shocks (aggregate, labor market, and policy shocks) and to perform counterfactual exercises. We identify positive labor market performance shocks (likely caused by labor market reforms) as the key driver for the “German labor market miracle” during the Great Recession.
Subjects: 
Great Recession
search and matching
DSGE
short-time work
fiscal policy
business cycles
Germany
JEL: 
E24
E32
E62
J08
J63
Published Version’s DOI: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
Document Version: 
Manuscript Version (Preprint)

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