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Book
1 online resource (29 pages) : color illustrations.
"This paper presents an indicator of the fiscal stance that combines features of the bottom-up, narrative approach on the revenue side with a refined version of the top-down, traditional approach of the structural balance on the expenditure side. With these characteristics the indicator offers an image of fiscal policy that avoids both the 'endogeneity problems' of the structural balance and the 'indeterminacy' of the narrative approach. This indicator is used to shed light on EU fiscal policies and estimate the average short-term output effects of fiscal policy. Results suggest that, with exceptions, fiscal policy has been conducted in a more stop and go and pro-cyclical fashion over the past decade than suggested by traditional indicators. The average fiscal multiplier is estimated at a bit below unity on average, with higher (resp. lower) multipliers associated with expenditure (resp. revenue) shocks, and higher (resp. lower) multipliers in times of declining (resp. increasing) output gaps.."--Document home page.
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Uncategorized
Book
1 online resource (35 pages) : color illustrations.
This paper analyses the main features of the wage differences between permanent and fixed-term workers and what sources are driving these differences, including the role of labour market institutions. We analyse wage differences between permanent and fixed-term contracts across EU countries using data from the European Structure of Earnings Survey. We find that after controlling for individual and job characteristics, workers on permanent contracts earn on average about 15% more than workers on fixed-term contracts with similar observable characteristics. The permanent contract wage premium is higher for men, workers at middle age and with middle education, and performing non-elementary occupations. We also find that permanent workers enjoy a higher education and age wage premium. We explore cross-country differences in the wage premium for permanent workers and correlate them with indicators of labour market institutions. Results indicate that a high wage premium for workers with permanent contracts is associated with high levels of employment protection for workers on permanent contracts, a high share of temporary employment in the economy, lengthy periods of unemployment benefit entitlement, and low minimum wages."--Document home page.