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

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