Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may Scars of Recessions in a Rigid Labor Market AbstractWe study the impact of graduating in a recession in Flanders (Belgium), i.e. in a rigid labor market. In the presence of a high minimum wage, a typical recession hardly influences the hourly wage of low educated men, but reduces working time and earnings by about 4.5% up to twelve years after graduation. For the high educated, the working time is not persistently affected, but the penalty on the hourly wage (and earnings) increases with experience, and attains roughly -6% ten years after labor market entry. We also contribute to the literature on inference with few clusters.

The Working Paper Series seeks to disseminate original research in economics and fi nance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet at the following website: http://www.bde.es. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.

We provide additional evidence on the relationship between uncertainty and economic activity. For this purpose, we gather and construct a wide range of proxy indicators of economic and economic policy uncertainty from Spain. We distinguish between the relative merits of different types of measures based on: (i) the volatility of fi nancial markets; (ii) economic analysts' disagreement; (iii) economic policy uncertainty. We show that the fi rst and the third block of measures are the most relevant to grasp the negative effects of unexpected changes in uncertainty on aggregate economic developments, as measured by real GDP. In addition, we fi nd that economic policy uncertainty and fi nancial uncertainty shocks produce visible negative effects on private consumption. The negative responses on capital goods investments are initially bigger in magnitude but vanish more quickly.

Purpose The purpose of this paper is to evaluate a recent training programme for graduates, implemented in Italy and entitled Work Experience Laureati and Laureate, i.e. Work Experience for Graduates. The aim of the programme was to increase the career prospects of unemployed graduates in the region of Umbria. Design/methodology/approach The authors rely on administrative data and matching methods to evaluate the effectiveness of the intervention in terms of employability of participants. Findings The results show that participants are more likely to be employed and to sign an apprenticeship contract within the region boundaries. The authors also find substantial differences in employability and type of contract by gender, with men having a higher probability of finding a job (permanent contract and apprenticeship). The authors show that this may be explained by the different choices in terms of field of study, with males being more prone to enrol in scientific areas and females in the humanities. Research limitations/implications It is an intervention implemented in one Italian region. Originality/value This is one of the few studies that analyses the effectiveness of active labour market policies targeting unemployed graduates, especially in the Italian context. The authors rely on different administrative data sources that allow them to evaluate the effectiveness of the programme.