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See detailAnalyse de l’impact des interactions sectorielles sur l’évolution des salaires
Bourgain, Arnaud UL; Sneessens, Henri UL; Shadman, Fatemeh et al

Conference given outside the academic context (2017)

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See detailL’intermédiation financière dans les modèles macroéconomiques
Sneessens, Henri UL

Article for general public (2017)

Modelling financial markets remains a main challenge in current macroeconomic theory. This paper summarizes the main difficulties and reasons why financial aspects were not included earlier in ... [more ▼]

Modelling financial markets remains a main challenge in current macroeconomic theory. This paper summarizes the main difficulties and reasons why financial aspects were not included earlier in macroeconomic models. It describes the main modelling strategies adopted so far, from financial accelerator models to financial intermediation and banking crises. It also discusses briefly different interpretations of the Great Recession. [less ▲]

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See detailMalinvaud on Macroeconomic Policy
Sneessens, Henri UL

in Annales d'Economie et de Statistique = Annals of Economics and Statistics (2017), 125-126

The objective of this brief essay is to discuss Edmond Malinvaud’s contribution to the European macroeconomic policy debate, as it evolved from the early seventies till the early 2000’s. I start with the ... [more ▼]

The objective of this brief essay is to discuss Edmond Malinvaud’s contribution to the European macroeconomic policy debate, as it evolved from the early seventies till the early 2000’s. I start with the concepts of Keynesian vs classical unemployment and the consequences of real wage rigidities. I next review Malinvaud’s analysis of the low-skilled unemployment problem and his call for targeted labour tax exemptions. I close with a brief discussion of the respective role of macroeconomic and structural policies. [less ▲]

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See detailAnalyse de l’impact des interactions sectorielles sur l’évolution des salaires. Comparaison de quatre pays
Bourgain, Arnaud UL; Sneessens, Henri UL; Shadman, Fatemeh et al

Report (2017)

The main objective is to examine the interactions between various sectors in the determination of wages. After a brief description of sectoral specificities in wage setting, the core of the project ... [more ▼]

The main objective is to examine the interactions between various sectors in the determination of wages. After a brief description of sectoral specificities in wage setting, the core of the project consists in estimating different wages functions taking into account wage spillovers across macro-sectors (manufacturing industry, finance, other services and public sector). To this end, we use quarterly sectoral data on four countries (Belgium, Luxembourg, France, Germany) over the period 1995-2014 and we estimate VAR-ECM and other econometric models addressing potential endogeneity problems. [less ▲]

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See detailThe EU-US Unemployment Puzzle Revisited: Institutions, Demography, and Capital Flows
Marchiori, Luca; Pierrard, Olivier; Sneessens, Henri UL

in Journal of Demographic Economics (2017)

The historical evolution of the EU-US unemployment rate gap is often explained in the literature in terms of asymmetric changes in labour market institutions. Population aging is another potential source ... [more ▼]

The historical evolution of the EU-US unemployment rate gap is often explained in the literature in terms of asymmetric changes in labour market institutions. Population aging is another potential source of asymmetry. Asymmetric population aging may generate international capital flows and have a substantial impact on relative unemployment rates. In this paper, we examine whether the combination of institutions, aging and capital flows explains the rise in the gap between 1960 and 2010. To this end, we set up a two-region overlapping generation model with search unemployment in which we introduce the historical and projected changes in labour market institutions and demographic evolutions. We show that asymmetric institutional changes alone can reproduce a large part of the historical rise in the unemployment gap. However, this result does not hold anymore once we add asymmetric aging in closed economies. We are nevertheless able to restore and even improve the initial result when we allow for international capital mobility. [less ▲]

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See detailStructural changes in the labor market and the rise of early retirement in Europe
Batyra, Anna; de la Croix, David; Pierrard, Olivier et al

E-print/Working paper (2016)

The rise of early retirement in Europe is typically attributed to the European system of taxes and transfers. Contrary to a purely neoclassical framework, a model with imperfectly competitive labor market ... [more ▼]

The rise of early retirement in Europe is typically attributed to the European system of taxes and transfers. Contrary to a purely neoclassical framework, a model with imperfectly competitive labor market also allows to consider the effect of the bargaining power of labor and matching efficiency on pre-retirement. We find that lower bargaining power of workers and less efficient labor markets characterized by the declining matching efficiency have been an important determinant of early retirement in France and Germany. These structural changes, combined with early-retirement transfers and population ageing, are also consistent with the joint evolution of employment and unemployment rates, the labor share and the seniority premium. [less ▲]

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See detailGrowth and Welfare: Shifts in Labour Market Policies
Sneessens, Henri UL

in Iglesias-Rodriguez, Pablo; Triandafyllidou, Anna; Gropas, Ruby (Eds.) After the Financial Crisis. Shifting Legal, Economic and Political Paradigms (2016)

This chapter focuses on labour market policies in the European Union in the aftermath of the Great Recession. Labour market policies have two objectives: promoting growth and welfare, and enhancing the ... [more ▼]

This chapter focuses on labour market policies in the European Union in the aftermath of the Great Recession. Labour market policies have two objectives: promoting growth and welfare, and enhancing the resilience to economic shocks. They are typically implemented through institutional arrangements like job protection legislation, unemployment insurance schemes, formal wage bargaining processes, and so on. Institutions are only slowly changed, and the same applies to the labour market’s. Pressures for changes are not new. They appeared with world globalisation and the development of knowledge-based economies. They gained strength however after 2010, three years after the start of the crisis. We explain the motivation for this shift and why it did not take place earlier in the crisis. Although this policy shift should be seen as a change of emphasis rather than a sudden change of paradigm, it may ultimately contribute to a complete overhaul of labour market institutions in the current context of world globalization. The chapter is organised as follows. We first document the main consequences of the crisis on income and employment, and the rise of inequalities and of cross-country imbalances. We next discuss how (in-)effective market mechanisms have been in paving the way towards recovery. Against that background, we discuss the motivation and the relevance of the economic policies implemented in EU countries. We distinguish two sub-periods, before and after 2010. Until 2010, the focus was on the « European Economic Recovery Plan » and its national counterparts. With the onset of the sovereign debt crisis and the implementation of EU-wide fiscal consolidation policies, the focus shifted towards labour market policies and « competitiveness recovery » plans. We discuss the contents and motivation of such plans, and the difficulty to implement them successfully at a time of fiscal austerity. We conclude the chapter with a discussion about conflicting economic paradigms and their connection with ongoing economic changes. [less ▲]

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See detailFinancial Frictions in Macroeconomics. A Survey.
Sneessens, Henri UL

Scientific Conference (2016, January 29)

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See detailPrendre la compétitivité au sérieux ?
Sneessens, Henri UL

Conference given outside the academic context (2015)

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See detailBCE: La décision va dans le bon sens – mais elle vient avec du retard
Sneessens, Henri UL

Article for general public (2015)

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See detailL’adhésion de la Lituanie à l’euro
Sneessens, Henri UL

Article for general public (2014)

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See detailLa menace de la déflation
Sneessens, Henri UL

Article for general public (2014)

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See detailPas automatiquement une perte de compétitivité
Bourgain, Arnaud UL; Sneessens, Henri UL

Article for general public (2014)

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See detailFormation des salaires et indexation automatique - Analyse comparative de quatre pays européens
Bourgain, Arnaud UL; Sneessens, Henri UL; Shadman, Fatemeh et al

Report (2014)

Automatic indexation mechanisms are often criticized for being a key source of inflexibility of actual real wages and thus responsible for a lack of adjustment to in the labour market and for a ... [more ▼]

Automatic indexation mechanisms are often criticized for being a key source of inflexibility of actual real wages and thus responsible for a lack of adjustment to in the labour market and for a deterioration of cost-competiveness. The aim of this study is to empirically assess whether this point of view is well founded. Statistical The Statistical and econometric research relates to four countries: two with institutionalized indexation of wages to consumer prices (Luxembourg and Belgium) and two without institutionalized indexation (Germany and France). this comparative econometric study, applied to four countries with or without indexation mechanisms, shows that the presence of institutionalized indexation does not significantly alter the process through which hourly wages are set, by observingas revealed by the long-term relationships or dynamic reactions to an exogenous shock. In other words, whilst differences in wage flexibility exist, their causes may be found elsewhere and not necessarily in automatic indexation mechanisms. Beyond the perimeter of this study, factors for the adjustment or inflexibility of wages might rather be sought in other directions, such as wages upon recruitment, inter-sector flexibility, the variable portion of remuneration, or changes in the composition of the labour force by sector, for example. [less ▲]

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See detailDu baby-boom au baby-bust
Sneessens, Henri UL

Article for general public (2014)

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See detailLabour Market Institutions and Economic Performance
Sneessens, Henri UL

Scientific Conference (2014, March 21)

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See detailRéduction de charges: priorité aux bas salaires
Langot, François; L'Horty, Yannick; Sneessens, Henri UL et al

Article for general public (2014)

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See detail100 ans de politique pragmatique
Sneessens, Henri UL

Article for general public (2013)

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See detailRegional Unemployment Theory - A Discussion
Sneessens, Henri UL

Presentation (2013, May)

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See detailOutput and Welfare Effects of Fiscal Consolidation - A Discussion
Sneessens, Henri UL

Presentation (2013, March)

Detailed reference viewed: 17 (3 UL)