Productivity Growth, Wage Setting and the Equilibrium Rate of Unemployment
Author: Alan Manning
Publisher:
Published: 1992
Total Pages: 60
ISBN-13:
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Author: Alan Manning
Publisher:
Published: 1992
Total Pages: 60
ISBN-13:
DOWNLOAD EBOOKAuthor: Mark Patrick Moore
Publisher:
Published: 2000
Total Pages: 54
ISBN-13:
DOWNLOAD EBOOKAuthor:
Publisher:
Published: 1982
Total Pages: 40
ISBN-13:
DOWNLOAD EBOOKAuthor: Pierpaolo Benigno
Publisher: International Monetary Fund
Published: 2010-11-01
Total Pages: 51
ISBN-13: 1455209597
DOWNLOAD EBOOKWe propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U.S. episodes which a linear model based only on long-run productivity growth cannot fully explain. These are the decline in long-run unemployment over the 1980s and its rise during the late 2000s.
Author: Ronald G. Bodkin
Publisher: University of Pennsylvania Press
Published: 2016-11-11
Total Pages: 304
ISBN-13: 1512800406
DOWNLOAD EBOOKThis book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.
Author: Steinar Holden
Publisher:
Published: 2002
Total Pages: 60
ISBN-13:
DOWNLOAD EBOOKIn most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. I show that this feature implies that workers have a strategic advantage in the wage negotiations when they try to prevent a cut in nominal wages. If inflation is so low that some nominal wages have to be cut, the strategic advantage of the workers' induces higher unemployment in equilibrium. The upshot is a long run tradeoff between inflation and unemployment for low levels of inflation. The prediction that low inflation involves higher unemployment in Europe but not in the US, is consistent with previous empirical findings.
Author: Robert James Gordon
Publisher:
Published: 1995
Total Pages: 80
ISBN-13:
DOWNLOAD EBOOKThis paper shows how misleading is the facile contrast of Europe following a path of high productivity growth, high unemployment, and relatively greater income equality, in contrast to the opposite path being pursued by the United States. While structural shocks may initially create a positive tradeoff between productivity and unemployment, they set in motion a dynamic path of adjustment involving capital accumulation or decumulation that in principle can eliminate the tradeoff. The main theoretical contributions of this paper are to show how a productivity-unemployment tradeoff might emerge and how it might subsequently disappear as this dynamic adjustment path is set in motion. Its empirical work develops a new data base for levels and growth rates of output per hour, capital per hour, and multifactor productivity in the G-7 nations both for the aggregate economy and for nine sub-sectors. It provides regression estimates that decompose observed differences in productivity growth across sectors. It finds that much of the productivity growth advantage of the four large European countries over the United States is explained by convergence and by more rapid capital accumulation, and that the only significant effect of higher unemployment is to cause capital accumulation to decelerate, thus reducing the growth rate of output per hour relative to multi-factor productivity.
Author: Martin F. Hellwig
Publisher:
Published: 2001
Total Pages: 56
ISBN-13:
DOWNLOAD EBOOKAuthor: David T. Coe
Publisher:
Published: 1990
Total Pages: 44
ISBN-13:
DOWNLOAD EBOOKAuthor: Philip Arestis
Publisher: Palgrave MacMillan
Published: 2009
Total Pages: 280
ISBN-13:
DOWNLOAD EBOOKProviding an overview of the debates which have surrounded employment in the world of economics, this title includes contributions from many experts in the areas of unemployment and macroeconomics.