Arbeitspapier
Unemployment invariance
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 alone need not contain all the equilibrating mechanisms to ensure unemployment invariance; in particular, other markets may perform part of the equilibrium 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 476
- Klassifikation
-
Wirtschaft
Wages, Compensation, and Labor Costs: Public Policy
Wages, Compensation, and Labor Costs: General
Labor Demand
Labor Force and Employment, Size, and Structure
Mobility, Unemployment, and Vacancies: Public Policy
Unemployment: Models, Duration, Incidence, and Job Search
- Thema
-
Unemployment
employment
wage determination
labor supply
capital accumulation
productivity
technological change
economic growth
Natürliche Arbeitslosigkeit
Arbeitsmarkttheorie
Investition
Technischer Fortschritt
Wachstumstheorie
Neue Wachstumstheorie
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Karanassou, Marika
Snower, Dennis J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Queen Mary University of London, Department of Economics
- (wo)
-
London
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Karanassou, Marika
- Snower, Dennis J.
- Queen Mary University of London, Department of Economics
Entstanden
- 2002