Michael Krause Book order

Exploring the evolution of humanity's impact on Earth, this book delves into the transformative effects of technological advancements on society and the environment. It examines historical shifts and their consequences on the global climate, while also addressing the urgent need for adaptation in the face of climate change. Through a comprehensive analysis, it encourages readers to reflect on past actions and consider necessary changes for a sustainable future.

This informative and entertaining book provides a broad look at the fascinating history of CERN, and the physicists working in different areas at CERN who were active in the discovery of the Higgs Boson.

What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model with a maturity structure of public debt and an imperfectly observed inflation target. We find that moderate changes in the inflation target only have significant effects on real public debt if they are essentially permanent. Moreover, the additional benefits of not communicating a change in the inflation target are minor.

Since the so-called Hartz IV reforms around 2005 and during the global crisis of 2008/2009, the German labor market featured mainly declining unemployment rates. We develop a search and matching model with heterogeneous skills to explore the role of structural and cyclical policies for this performance. Calibrating unemployment benefits to approximate legislation before and after the reforms, we find a large reduction in unemployment and its duration, with the transition concluding after about three years. During the crisis, the extended use of short-time labor subsidies that prevent jobs from being destroyed is likely to have prevented strong increases in unemployment. -- German Hartz IV reforms ; search and matching ; unemployment benefits ; labor subsidies

We analyse the implications of intra-firm bargaining for business cycle dynamics inmodels with large firms and search frictions. Intra-firm bargaining implies a feedback effect from the marginal revenue product to wage setting which leads firms to over-hirein order to reduce workers' bargaining position within the firm. The key to this effecta re decreasing returns and/or downward-sloping demand. We show that equilibrium wages and employment are higher in steady state compared to a bargaining frameworkin which firms neglect this feedback. However, the effects of intra-firm bargaining on adjustment dynamics, volatility and comovement are negligible.

We show how on-the-job search and the propagation of shocks to the economy are intricately linked. Rising search by employed workers in a boom amplifies the incentives of firms to post vacancies. In turn, more vacancies induce more on-the-job search. By keeping job creation costs low for firms, on-the-job search greatly amplifies shocks. In our baseline calibration, this allows the model to generate fluctuations of unemployment, vacancies, and labor productivity whose magnitudes are close to the data, and leads output to be highly autocorrelated