It is now widely accepted that expansionary fiscal or monetary policies alone are unlikely to help Europe's ailing economies. Solving Europe's economic problems requires reform of the economic institutions that influence economic activity and the way the economy responds to macroeconomic shocks. This volume employs novel approaches to the study of some of these institutions.

Contents:
Introduction
Julián Messina, Claudio Michelacci, Jarkko Turunen and Gylfi Zoega

1. New Monopsony, Institutions and Training
Alison L. Booth, Marco Francesconi and Gylfi Zoega
Discussion
Thorvaldur Gylfason

2. Cyclicality of Real Wages in the Euro Area and OECD Countries
Julián Messina, Chiara Strozzi and Jarkko Turunen
Discussion
Karl Pichelmann

3. Pension Systems, Social Transfer Programmes and the Retirement Decision in OECD Countries
Romain Duval
Discussion
Hector Sala

4. The Effects of Employment Protection and Product Market Regulations on the Italian Labour Market
Adriana D. Kugler and Giovanni Pica
Discussion
Monique Ebell

5. On the Determinants of Job Flows in Europe: Sectoral Factors and Institutions
Ramón Gómez-Salvador, Julián Messina and Giovanna Vallanti
Discussion
Sascha O. Becker

6. The Effect of Home-Ownership on Labour Mobility in the Netherlands
Michiel van Leuvensteijn and Pierre Koning
Discussion
Anna Sanz-de-Galdeano

7. The Impact of Credit Constraints on Household Formation
Nuno C. Martins and Ernesto Villanueva
Discussion
Pierre Koning

Index