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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17964| Title: | Production Constraints and the NAIRU |
| Keywords: | C23 E24 E22 D24 ddc:330 capital labour constraints nairu panel data structural breaks |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | This paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital constraints and labour constraints. It notes the failure to incorporate this phenomenon in standard macro models. Using panel data for UK manufacturing over eighty quarters it is shown that capital constraints became relatively more important during the 1980s as industry failed to match the increase in labour flexibility with rising capital investment. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17964 |
| Other Identifiers: | http://hdl.handle.net/10419/17964 ppn:558408834 RePEc:zbw:ifwedp:6168 |
| Appears in Collections: | EconStor |
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