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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3850| Title: | Unemployment invariance |
| Keywords: | J21 J23 J30 J38 J64 J68 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 |
| Description: | This paper provides a critique of the ‘unemployment invariance hypothesis’, according to which the behavior of the labor market, by itself, ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity and the labor force. In the context of an endogenous growth model, we show that the labor market alone need not contain all the equilibrating mechanisms to ensure unemployment invariance; in particular, other markets may perform part of the equilibrating process as well. By implication, policies that raise the growth path of capital or increase the effective working-age population may influence the long-run unemployment rate. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3850 |
| Other Identifiers: | German economic review 1465-6485 5 2004 3 297-317 doi:10.1111/j.1465-6485.2004.00110.x http://hdl.handle.net/10419/3850 ppn:515984736 |
| Appears in Collections: | EconStor |
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