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This paper builds upon Hoon and Phelps (1992, 1997) to ask how much of the evolution of the unemployment rate over several decades in country can be explained by real factors in an equilibrium model of the natural rate where country's productivity growth depends upon its distance from the...
Persistent link: https://www.econbiz.de/10003485602
In our general equilibrium model, the variety of specialized service links affects international production fragmentation in manufacturing. Decreases in cost of education or fixed cost of service links raise the relative supply of skilled workers, increase service specialization, and decrease...
Persistent link: https://www.econbiz.de/10005518292
In this paper, we take another approach to accounting for the sources of Singapore’s economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international R&D spillovers. Taking into account the channels through which technology...
Persistent link: https://www.econbiz.de/10005744849
In this paper, we take another approach to accounting for the sources of Singapores economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international R&D spillovers. Taking into account the channels through which technology...
Persistent link: https://www.econbiz.de/10009363540
In this paper, we take another approach to accounting for the sources of Singapore's economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international Ramp;D spillovers. Taking into account the channels through which technology...
Persistent link: https://www.econbiz.de/10012713261
The current sluggish performance of the US economy follows one of the more remarkable booms in modern history. The late 1990s was a period of simultaneous output and productivity growth, low unemployment and stable inflation, culminating in an unemployment rate of only 3.9% in the fourth quarter...
Persistent link: https://www.econbiz.de/10004970417
Persistent link: https://www.econbiz.de/10005004016
We study here the effects of future tax and budgetary shocks on present levels of economic activity and real interest rates in a nonmonetary and possibly non-Ricardian economy. The paper first takes up an (unanticipated) temporary tax cut to be effective on a given future date—a delayed...
Persistent link: https://www.econbiz.de/10005091185
Open-economy macroeconomics contains a monetary model in the Keynesian tradition that is deemed serviceable for analyzing the short run and a nonmonetary neoclassical model thought capable of handling the long run. But do the Keynesian and neoclassical models meet the challenges thrown out by...
Persistent link: https://www.econbiz.de/10005091208
This paper studies the factors responsible for the secular decline of Singapore’s unemployment rate over the period 1966-2000 in an environment of low and stable inflation rates. We introduce wage bargaining and unions into a specific-factors, two-sector economy with an export sector and a...
Persistent link: https://www.econbiz.de/10005091223