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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/2802| Title: | Unemployment invariance |
| Keywords: | J21 J68 J64 J38 J30 J23 ddc:330 unemployment employment wage determination labor supply capital accumulation productivity technological change economic growth Natürliche Arbeitslosigkeit Arbeitsmarkttheorie Investition Technischer Fortschritt Wachstumstheorie Neue Wachstumstheorie Theorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Forschungsinstitut zur zukunft der Arbeit Bonn |
| Description: | This paper provides a critique of the ?unemployment invariance hypothesis,? according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and the labor force. Using Solow growth and endogenous growth models, we show that the labor market need not contain all the equilibrating mechanisms to ensure unemployment invariance and that other markets may perform part of the equilibrating process as well. By implication, policies that stimulate investment and R&D and policies that affect the size of the labor force may influence the long-run unemployment rate. Layard-Nickell-Jackman ?invariance condition? for labor market systems. This condition is meant to ensure that unemployment is not trended in response to growth in the capital stock, the labor force, or productivity. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/2802 |
| Other Identifiers: | http://hdl.handle.net/10419/2802 ppn:352717793 ppn:352717793 |
| Appears in Collections: | EconStor |
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