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This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment … European unemployment rates observed during the seventies. The explanation given is that even if the unemployment rate would … job creation remains low making the return to a low unemployment rate impossible. The paper shows that in some cases …
Persistent link: https://www.econbiz.de/10009635968
institutions, the tax wedge definition, and the temporal focus significantly affect the results. In the long run, workers bear …
Persistent link: https://www.econbiz.de/10010160829