Essays on Labor Market Responses to the Great Recession and on the Effects of Monetary Unification on Macroeconomic Stability
This dissertation consists of two parts. Part I deals with labor market responses to the Great Recession. It examines whether labor market institutions, such as short-time work, can explain the heterogeneous labor market responses across Europe and it lays out the main reasons for the so-called German labor market miracle. Part II deals with the effects of monetary unification on macroeconomic stability. It describes an inherent benefit of monetary unification that has the potential to overcompensate the loss of monetary independence and it focuses on the important role of monetary policy for whether countries benefit from monetary unification in terms of macroeconomic stability.