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Is Short-time Work a Good Method to Keep Unemployment Down?

Citations

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Cited by:

  1. Russell Cooper, 2017. "The Employment and Output Effects of Short-Time Work in Germany," 2017 Meeting Papers 613, Society for Economic Dynamics.
  2. Balleer, Almut & Gehrke, Britta & Lechthaler, Wolfgang & Merkl, Christian, 2016. "Does short-time work save jobs? A business cycle analysis," European Economic Review, Elsevier, vol. 84(C), pages 99-122.
  3. Helge Braun & Björn Brügemann, 2014. "Welfare Effects of Short-Time Compensation," CESifo Working Paper Series 5063, CESifo.
  4. repec:spo:wpmain:info:hdl:2441/68ufmnnh3j9vmblf03huqt18qe is not listed on IDEAS
  5. Gehrke, Britta & Lechthaler, Wolfgang & Merkl, Christian, 2019. "The German labor market during the Great Recession: Shocks and institutions," Economic Modelling, Elsevier, vol. 78(C), pages 192-208.
  6. Lucifora, Claudio & Origo, Federica, 2025. "Rigid Yet Resilient: Firms' Margins of Adjustment to Demand Shocks in Regulated Labour Markets," IZA Discussion Papers 17670, IZA Network @ LISER.
  7. Sandrine Levasseur, 2011. "Labour market adjustments in Estonia during the global crisis," Working Papers hal-01069525, HAL.
  8. John Schmitt, 2011. "Labor Market Policy in the Great Recession: Some Lessons from Denmark and Germany," CEPR Reports and Issue Briefs 2011-12, Center for Economic and Policy Research (CEPR).
  9. Volker Meier, 2018. "Short-time Work Subsidies in a Matching Model," CESifo Working Paper Series 7281, CESifo.
  10. repec:ilo:ilowps:467146 is not listed on IDEAS
  11. Paulina Granados Zambrano & Nicolás Rivera González & Manuel Villaseca Vial, 2022. "Efectos Directos E Indirectos De Las Leyes De Protección Al Empleo," Working Papers 68, Superintendencia de Pensiones, revised Mar 2022.
  12. Pierre Cahuc & Francis Kramarz & Sandra Nevoux, 2018. "When Short-Time Work Works," Sciences Po Economics Discussion Papers hal-03393127, HAL.
  13. Alessio Brown & Johannes Koettl, 2015. "Active labor market programs - employment gain or fiscal drain?," IZA Journal of Labor Economics, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-36, December.
  14. Cravo, Tulio A. & de Andrade Jacinto, Paulo & Quintana, Rodrigo, 2024. "Can work sharing sustain employment during economic downturn? Evidence from Brazil," Labour Economics, Elsevier, vol. 90(C).
  15. Brey, Björn & Hertweck, Matthias S., 2020. "The Extension Of Short-Time Work Schemes During The Great Recession: A Story Of Success?," Macroeconomic Dynamics, Cambridge University Press, vol. 24(2), pages 360-402, March.
  16. Lucifora, Claudio & Origo, Federica, 2025. "Rigid yet resilient: Firms’ margins of adjustment to demand shocks in regulated labour markets," Labour Economics, Elsevier, vol. 94(C).
  17. Julia Bock-Schappelwein & Helmut Mahringer & Eva Rückert, 2011. "Kurzarbeit in Deutschland und Österreich," WIFO Studies, WIFO, number 41278.
  18. Pierre Cahuc, 2019. "Short-time work compensation schemes and employment," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-11, May.
  19. Diaz, Antonia & Dolado, Juan J. & Jáñez, Álvaro & Wellschmied, Felix, 2025. "Labor reallocation effects of furlough schemes: Evidence from two recessions in Spain," European Economic Review, Elsevier, vol. 171(C).
  20. Tito Boeri & Pierre Cahuc, 2022. "Labor Market Insurance Policies in the XXI Century," Sciences Po Economics Publications (main) hal-03878719, HAL.
  21. Zwickl, Klara & Disslbacher, Franziska & Stagl, Sigrid, 2016. "Work-sharing for a sustainable economy," Ecological Economics, Elsevier, vol. 121(C), pages 246-253.
  22. Cahuc, Pierre & Kramarz, Francis & Nevoux, Sandra, 2021. "The Heterogeneous Impact of Short-Time Work: From Saved Jobs to Windfall Effects," CEPR Discussion Papers 16168, C.E.P.R. Discussion Papers.
  23. repec:spo:wpmain:info:hdl:2441/6596a4s9af8lt872jnqvm5jg73 is not listed on IDEAS
  24. Marlon R. Tracey & Solomon W. Polachek, 2020. "Heterogeneous Layoff Effects of the US Short‐Time Compensation Program," LABOUR, CEIS, vol. 34(4), pages 399-426, December.
  25. Sandra NEVOUX, 2019. "Short-time work is an efficient job-saving policy [L’activité partielle constitue une politique efficace de sauvegarde de l’emploi]," Bulletin de la Banque de France, Banque de France, issue 225.
  26. Garcia-Clemente, Javier & Congregado, Emilio, 2022. "Effects of Short-time Work Schemes on firm survival during the Covid-19 crisis: insights from new Spanish data," MPRA Paper 113885, University Library of Munich, Germany.
  27. Eichhorst, Werner & Marx, Paul & Rinne, Ulf & Brunner, Johannes, 2022. "Job Retention Schemes during COVID-19: A Review of Policy Responses," IZA Policy Papers 187, Institute of Labor Economics (IZA).
  28. Olivier Bargain & Herwig Immervoll & Andreas Peichl & Sebastian Siegloch, 2011. "Distributional Consequences of Labor-demand Shocks: The 2008-09 Recession in Germany," CESifo Working Paper Series 3403, CESifo.
  29. Giulia Giupponi & Camille Landais & Alice Lapeyre, 2022. "Should We Insure Workers or Jobs during Recessions?," Journal of Economic Perspectives, American Economic Association, vol. 36(2), pages 29-54, Spring.
  30. Julio G. Fournier Gabela & Luis Sarmiento, 2020. "Kurzarbeit and Natural Disasters: How Effective Are Short-Time Working Allowances in Avoiding Unemployment?," Discussion Papers of DIW Berlin 1909, DIW Berlin, German Institute for Economic Research.
  31. Verónica Escudero, 2018. "Are active labour market policies effective in activating and integrating low-skilled individuals? An international comparison," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 7(1), pages 1-26, December.
  32. Dennis Tamesberger & Simon Theurl, 2021. "Design and Take-Up of Austria's Coronavirus Short-Time Work Model," ICAE Working Papers 127, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
  33. Gonthier, Pauline, 2012. "Why Was Short-Time Work Unattractive During the Crisis?," Institute for Research on Labor and Employment, Working Paper Series qt5dn0w9b1, Institute of Industrial Relations, UC Berkeley.
  34. Gehrke, Britta & Lechthaler, Wolfgang & Merkl, Christian, 2017. "The German labor market in the Great Recession: Shocks and institutions," IAB-Discussion Paper 201714, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
  35. Juan Laborda & Pilar Rivera-Torres & Vicente Salas-Fumas & Cristina Suárez, 2021. "Is there life beyond the Spanish government’s aid to furloughed employees by COVID-19?," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-21, June.
  36. Krause, Michael U. & Uhlig, Harald, 2012. "Transitions in the German labor market: Structure and crisis," Journal of Monetary Economics, Elsevier, vol. 59(1), pages 64-79.
  37. repec:spo:wpecon:info:hdl:2441/2ju03cb3kc9a3986bsibii70hd is not listed on IDEAS
  38. Kolasa, Marcin & Rubaszek, Michał & Walerych, Małgorzata, 2021. "Do flexible working hours amplify or stabilize unemployment fluctuations?," European Economic Review, Elsevier, vol. 131(C).
  39. Ulrike Huemer & Rainer Eppel & Marion Kogler & Helmut Mahringer & Lukas Schmoigl & David Pichler, 2021. "Effektivität von Instrumenten der aktiven Arbeitsmarktpolitik in unterschiedlichen Konjunkturphasen," WIFO Studies, WIFO, number 67250.
  40. Cahuc, Pierre & Nevoux, Sandra, 2017. "Inefficient Short-Time Work," CEPR Discussion Papers 12269, C.E.P.R. Discussion Papers.
  41. Scholz, Theresa, 2012. "Employers' selection behavior during short-time work," IAB-Discussion Paper 201218, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
  42. Torsten Müller & Thorsten Schulten & Jan Drahokoupil, 2022. "Job retention schemes in Europe during the COVID-19 pandemic – different shapes and sizes and the role of collective bargaining," Transfer: European Review of Labour and Research, , vol. 28(2), pages 247-265, May.
  43. José M. Arranz & Carlos García†Serrano & Virginia Hernanz, 2018. "Short†Time Work and Employment Stability: Evidence from a Policy Change," British Journal of Industrial Relations, London School of Economics, vol. 56(1), pages 189-222, March.
  44. Carlos Gradín & Olga Cantó & Coral del Río, 2015. "Unemployment and spell duration during the Great Recession in the EU," International Journal of Manpower, Emerald Group Publishing Limited, vol. 36(2), pages 216-235, May.
  45. Natalia Bermudez & Muriel Dejemeppe & Giulia Tarullo, 2023. "Theory and Empirics of Short-Time Work: A Review," LIDAM Discussion Papers IRES 2023018, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  46. Anna Godøy & Knut Røed, 2016. "Unemployment Insurance and Underemployment," LABOUR, CEIS, vol. 30(2), pages 158-179, June.
  47. Giupponi, Giulia & Landais, Camille & Lapeyre, Alice, 2022. "Should we insure workers or jobs during recessions?," LSE Research Online Documents on Economics 115371, London School of Economics and Political Science, LSE Library.
  48. Julien Albertini & Xavier Fairise & Arthur Poirier & Anthony Terriau, 2022. "Short-Time Work Policies During the Covid-19 Pandemic," Annals of Economics and Statistics, GENES, issue 146, pages 123-172.
  49. Marco Percoco, 2016. "Labour Market Institutions: Sensitivity to the Cycle and Impact of the Crisis in European Regions," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 107(3), pages 375-385, July.
  50. Christina Brinkmann & Simon Jäger & Moritz Kuhn & Farzad Saidi & Stefanie Wolter, 2024. "Short-Time Work Extensions," NBER Working Papers 33112, National Bureau of Economic Research, Inc.
  51. Giupponi, Giulia & Landais, Camille, 2018. "Subsidizing labor hoarding in recessions: the employment and welfare effects of short time work," LSE Research Online Documents on Economics 91708, London School of Economics and Political Science, LSE Library.
  52. repec:spo:wpecon:info:hdl:2441/68ufmnnh3j9vmblf03huqt18qe is not listed on IDEAS
  53. Boeri, Tito & Jimeno, Juan F., 2016. "Learning from the Great Divergence in unemployment in Europe during the crisis," Labour Economics, Elsevier, vol. 41(C), pages 32-46.
  54. Grape, Erik & Kolm, Ann-Sofie, 2014. "Short-time work—Some long-run implications," Economics Letters, Elsevier, vol. 124(1), pages 30-32.
  55. Victoria Osuna & José Ignacio García Pérez, 2021. "Temporary layoffs, short-time work and COVID-19: the case of a dual labour market," Applied Economic Analysis, Emerald Group Publishing Limited, vol. 30(90), pages 248-262, December.
  56. Alexander Hijzen & Sebastien Martin, 2013. "The role of short-time work schemes during the global financial crisis1 and early recovery: a cross-country analysis," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-31, December.
  57. Ulf Rinne & Klaus Zimmermann, 2012. "Another economic miracle? The German labor market and the Great Recession," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 1(1), pages 1-21, December.
  58. Sebastian Link & Timo Wollmershäuser, 2019. "Zur Bedeutung der Kurzarbeit als wirtschaftspolitisches Instrument in Deutschland," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 19(18), September.
  59. Corbanese, Valli., 2011. "Supporting strategies to recover from the crisis in Croatia, the former Yugoslav Republic of Macedonia and Serbia : cross-country report," ILO Working Papers 994671463402676, International Labour Organization.
  60. Paula Garda & Volker Ziemann, 2014. "Economic Policies and Microeconomic Stability: A Literature Review and Some Empirics," OECD Economics Department Working Papers 1115, OECD Publishing.
  61. Pierre Cahuc, 2014. "Short-time work compensations and employment," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-11, May.
  62. repec:spo:wpecon:info:hdl:2441/6596a4s9af8lt872jnqvm5jg73 is not listed on IDEAS
  63. Dimitris Pavlopoulos & Katja Chkalova, 2022. "Short-time work: A bridge to employment security or a springboard to unemployment?," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 43(1), pages 168-197, February.
  64. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09iak4591pm is not listed on IDEAS
  65. Faia, Ester & Lechthaler, Wolfgang & Merkl, Christian, 2013. "Fiscal stimulus and labor market policies in Europe," Journal of Economic Dynamics and Control, Elsevier, vol. 37(3), pages 483-499.
  66. Daniel Borowczyk-Martins & Etienne Lalé, 2015. "How Bad is Involuntary Part-time Work?," Bristol Economics Discussion Papers 15/664, School of Economics, University of Bristol, UK, revised 13 Jan 2016.
  67. Wix, Carlo, 2017. "The long-run real effects of banking crises: Firm-level investment dynamics and the role of wage rigidity," SAFE Working Paper Series 189, Leibniz Institute for Financial Research SAFE.
  68. Britta Gehrke & Brigitte Hochmuth, 2021. "Counteracting Unemployment in Crises: Non‐Linear Effects of Short‐Time Work Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 123(1), pages 144-183, January.
  69. Avdic, Daniel & de New, Sonja C. & Kamhöfer, Daniel A., 2021. "Economic downturns and mental health in Germany," European Economic Review, Elsevier, vol. 140(C).
  70. Giupponi, Giulia & Landais, Camille, 2023. "Subsidizing labour hoarding in recessions: the employment and welfare effects of short-time work," LSE Research Online Documents on Economics 115372, London School of Economics and Political Science, LSE Library.
  71. Alexander Herzog-Stein & Gustav A. Horn & Ulrike Stein, 2013. "Macroeconomic Implications of the German Short-time Work Policy during the Great Recession," Global Policy, London School of Economics and Political Science, vol. 4, pages 30-40, July.
  72. M. Sylvina Porras-Arena & Ángel L. Martín-Román & Diego Dueñas Fernández & Raquel Llorente Heras, 2024. "Okun’s Law: The effects of the COVID-19 pandemic and the temporary layoffs procedures (ERTEs) on Spanish regions," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 59, pages 105-125.
  73. Boele Bonthuis & Valerie Jarvis & Juuso Vanhala, 2016. "Shifts in euro area Beveridge curves and their determinants," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 5(1), pages 1-17, December.
  74. Wilhelm, Stefan, 2023. "Efficiency of short-time work schemes and the role of monetary policy," Journal of Macroeconomics, Elsevier, vol. 78(C).
  75. Baumgarten, Daniel & Kvasnicka, Michael, 2017. "Temporary agency work and the Great Recession," Journal of Economic Behavior & Organization, Elsevier, vol. 136(C), pages 29-44.
  76. Demirgüç-Kunt, Asli & Lokshin, Michael & Torre, Iván, 2024. "Protect incomes or protect jobs? The role of social policies in post-pandemic recovery," World Development, Elsevier, vol. 182(C).
  77. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iak4591pm is not listed on IDEAS
  78. Florentino Felgueroso & Marcel Jansen, 2020. "Una valoraciónde los ERTEpara hacer frente a la crisis del COVID-19 en basea la evidencia empírica y desde una perspectiva comparada," Policy Papers 2020-06, FEDEA.
  79. Kruppe, Thomas & Scholz, Theresa, 2014. "Labour hoarding in Germany : employment effects of short-time work during the crises," IAB-Discussion Paper 201417, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
  80. Victoria Osuna & J. García-Pérez, 2015. "On the Effectiveness of Short-time Work Schemes in Dual Labor Markets," De Economist, Springer, vol. 163(3), pages 323-351, September.
  81. J. Garcia-Clemente & N. Rubino & E. Congregado, 2023. "Reemployment premium effect of furlough programs: evaluating Spain’s scheme during the COVID-19 crisis," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 57(1), pages 1-15, December.
  82. Chiu-Wei Kuo, 2024. "Short-time work, labor hoarding, and curtailed hiring: establishment-level evidence from Japan," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 58(1), pages 1-16, December.
  83. Balleer, Almut & Gehrke, Britta & Merkl, Christian, 2014. "Some surprising facts about working time accounts and the business cycle," Kiel Working Papers 1955, Kiel Institute for the World Economy.
  84. repec:spo:wpmain:info:hdl:2441/2ju03cb3kc9a3986bsibii70hd is not listed on IDEAS
  85. Klara Zwickl & Franziska Disslbacher & Sigrid Stagl, 2016. "Work-sharing for a Sustainable Economy. WWWforEurope Working Paper No. 111," WIFO Studies, WIFO, number 58684.
  86. Daniel Avdic & Sonja C. de New & Daniel A. Kamhöfer, 2020. "Economic Downturns and Mental Wellbeing," SOEPpapers on Multidisciplinary Panel Data Research 1081, DIW Berlin, The German Socio-Economic Panel (SOEP).
  87. repec:ilo:ilowps:487304 is not listed on IDEAS
  88. Olivier Bargain & Herwig Immervoll & Andreas Peichl & Sebastian Siegloch, 2012. "Distributional consequences of labor-demand shocks: the 2008–2009 recession in Germany," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(1), pages 118-138, February.
  89. Hélène Couprie & Xavier Joutard, 2017. "Atypical Employment and Prospects of the Youth on the Labor Market in a Crisis Context," Thema Working Papers 2017-08, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
  90. Giulia Giupponi & Camille Landais, 2023. "Subsidizing Labour Hoarding in Recessions: The Employment and Welfare Effects of Short-time Work," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(4), pages 1963-2005.
  91. Werner Eichhorst & Ulf Rinne & Hubertus Heil & Martin Brudermüller & Almut Balleer & Britta Gehrke & Brigitte Hochmuth & Christian Merkl & Ulrich Kater & Felix Pakleppa & Sebastian Link & Timo Wollmer, 2019. "Konjunkturelle Eintrübung und sinkende Produktion in der Industrie: Was können Unternehmen und Politik tun?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(18), pages 03-23, September.
  92. Katharina Klug & Claudia Bernhard-Oettel & Magnus Sverke, 2024. "The Paradox of Job Retention Schemes: A Latent Growth Curve Modeling Approach to Immediate and Prolonged Effects of Short-Time Work on Job Insecurity and Employee Well-Being," Journal of Happiness Studies, Springer, vol. 25(6), pages 1-32, August.
  93. Cahuc, Pierre, 2024. "The micro and macro economics of short-time work," Handbook of Labor Economics,, Elsevier.
  94. Huisman, Kuno & Thijssen, J.J.J., 2018. "On the Option Effects of Short-Time Work Arrangements," Other publications TiSEM 7b9fcc49-a06c-49bd-a005-8, Tilburg University, School of Economics and Management.
  95. Münstermann, Leonard & Schneck, Stefan & Wolter, Hans-Jürgen, 2012. "Die Bedeutung des Kurzarbeitergeldes im Mittelstand," IfM-Materialien 215, Institut für Mittelstandsforschung (IfM) Bonn.
  96. Olivier Blanchard & Florence Jaumotte & Prakash Loungani, 2014. "Labor market policies and IMF advice in advanced economies during the Great Recession," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 3(1), pages 1-23, December.
  97. Oana CALAVREZO & Lewis HOUNKPEVI & Florence JOURNEAU & Marie-Hélène NGUYEN, 2020. "L’utilisation de l’activité partielle durant la crise de la Covid-19 : une analyse empirique entre mars et mai 2020," LEO Working Papers / DR LEO 2804, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
  98. Biancardi, Daniele & Lucifora, Claudio & Origo, Federica, 2022. "Short-time work and unionization," Labour Economics, Elsevier, vol. 78(C).
  99. Rebecca Cassells & Alan Duncan, 2020. "JobKeeper: The efficacy of Australia’s first short-time wage subsidy," Australian Journal of Labour Economics (AJLE), Bankwest Curtin Economics Centre (BCEC), Curtin Business School, vol. 23(2), pages 99-128.
  100. Becker, Sebastian, 2016. "Selection into Short-Time Work and Labor Market Outcomes after the Great Recession - Empirical Evidence using German Micro-Level Data," VfS Annual Conference 2016 (Augsburg): Demographic Change 145889, Verein für Socialpolitik / German Economic Association.
  101. Garcia-Clemente, Javier & Rubino, Nicola & Congregado, Emilio, 2022. "Evaluating the effects of short and medium-term temporary work reduction schemes: the case of Spain’s ERTEs during the COVID-19 outbreak," MPRA Paper 114504, University Library of Munich, Germany.
  102. Elena-Sabina Turnea & Ștefan Andrei Neștian & Silviu Mihail Tiță & Ana Iolanda Vodă & Alexandra Luciana Guță, 2020. "Dismissals and Temporary Leaves in Romanian Companies in the Context of Low Demand and Cash Flow Problems during the COVID-19 Economic Lockdown," Sustainability, MDPI, vol. 12(21), pages 1-22, October.
  103. Alexander Herzog-Stein & Patrick Nuess & Lennert Peede & Ulrike Stein, 2021. "Germanys Labour Market in Coronavirus Distress New Challenges to Safeguarding Employment," IMK Working Paper 209-2021, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  104. Huisman, Kuno & Thijssen, J.J.J., 2018. "On the Option Effects of Short-Time Work Arrangements," Discussion Paper 2018-004, Tilburg University, Center for Economic Research.
  105. Tito Boeri & Jan van Ours, 2013. "The Economics of Imperfect Labor Markets: Second Edition," Economics Books, Princeton University Press, edition 1, number 10142, December.
  106. Ester Faia & Wolfgang Lechthaler & Christian Merkl, 2014. "Labor Selection, Turnover Costs, and Optimal Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(1), pages 115-144, February.
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