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capacity shortages cannot be the direct and single cause of unemployment persistence. Inferring from this observation that low … investment rates play no role in explaining the persistence of high unemployment rates may however fail to take into account the … analyse the determinants of equilibrium unemployment (the NAIRU), provided one takes explicitly into account the effect of a …
Persistent link: https://www.econbiz.de/10004984947
This paper reexamines the existence of a long-run relationship between wages and unemployment in the U.K., with data … and the unemployment rate. However, the main impact of deviations from this long-run equilibrium is on the unemployment …
Persistent link: https://www.econbiz.de/10004984987
We construct a stylised intertemporal macroeconomic model to illustrate how the combination of decentralised trading and microeconomic uncertainty can generate coordination problems and indeterminacy of the macroeconomic equilibrium. With a competitive labour market and a fixed labour supply,...
Persistent link: https://www.econbiz.de/10004985129
unemployment rate, the rate of capacity utilisation and the proportion of firms reporting demand constrains from a union …
Persistent link: https://www.econbiz.de/10004984932
This paper examines the determinants of equilibrium wage and unemployment rates in Belgium within the framework of a … this stage is then used to estimate a three-equation econometric model explaining the wage share, the unemployment rate and … the capital gap. The slowdown in world trade is depicted as the most important factor explaining the rise in unemployment …
Persistent link: https://www.econbiz.de/10004985209