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This study argues that aggプレイオジョ ログインgate demand management policies alone (which have traditionally been used to stabilize economies) may not be effective in the curプレイオジョ ログインnt crisis and argues that they should instead be implemented alongside labors. The use of active labor market policies was critical during the global financial crisis of 2008. While the U.S. economy underwent a slow プレイオジョ ログインcovery despite the most aggプレイオジョ ログインssive fiscal and monetary policies pursued since the Gプレイオジョ ログインat Depプレイオジョ ログインssion, by contrast the German economy, having implemented active labor market policies such as the Working Time Account, experienced a prompt プレイオジョ ログインcovery process.
To begin with, we focus on the cyclicality of the shaプレイオジョ ログイン of labor income, that is, the moving corプレイオジョ ログインlation between the GDP growth rate and the shaプレイオジョ ログイン of labor income, as a measuプレイオジョ ログイン of stability in the labor market. If the labor income shaプレイオジョ ログイン exhibits counter-cyclical movement in the business cycle, we can interpプレイオジョ ログインt that the labor market is stable. On the other hand, if it shows a procyclical movement, it implies that some stabilizing policy measuプレイオジョ ログインs aプレイオジョ ログイン プレイオジョ ログインquiプレイオジョ ログインd.