The German labor market during the Great Recession: Shocks and institutions |
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| Affiliation: | 1. University Hospital Halle (Saale), Ernst-Grube Str. 40, D-06120 Halle (Saale), Germany;2. Friedrich-Alexander-Universität Erlangen-Nürnberg, Institute for Biomedicine of Aging, Kobergerstrasse 60, D-90408 Nürnberg, Germany;1. Deutsche Bundesbank, Wilhelm-Epstein-Straße 14, Frankfurt am Main 60431, Germany;2. Department of Economics, University of Munich, Akademiestraße 1, Munich 80799, Germany;3. Department of Economics, University of Erlangen-Nuremberg, Lange Gasse 20, Nuremberg 90403, Germany |
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| 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. |
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| Keywords: | Great Recession Search and matching DSGE Short-time work Fiscal policy Business cycles Germany E24 E32 E62 J08 J63 |
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