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We introduce wage setting via efficiency wages in the neoclassical one-sector growth model to study the growth effects of wage inertia. We compare the dynamic equilibrium of an economy with wage inertia with the equilibrium of an economy without wage inertia. We show that wage inertia affects...
Persistent link: https://www.econbiz.de/10009151199
We introduce wage setting via efficiency wages in the neoclassical one-sector growth model to study the growth effects of wage inertia. We compare the dynamic equilibrium of an economy with wage inertia with the equilibrium of an economy without it. We show that wage inertia affects the long run...
Persistent link: https://www.econbiz.de/10011123962
The purpose of this paper is to introduce a noncompetitive labor market and unemployment into the growth models with exogenous saving rates found in economic growth textbooks (SalaiMartin, 2000; Barro and SalaiMartin, 2003; Romer, 2006). We first derive a general framework with a neoclassical production...
Persistent link: https://www.econbiz.de/10010895709
Persistent link: https://www.econbiz.de/10014364289
Persistent link: https://www.econbiz.de/10012434863
We survey a number of papers that have focused on the construction of cross-country data sets on average years of schooling. We discuss the construction of the different series, compare their profiles and construct indicators of their information content. The discussion focuses on a sample of...
Persistent link: https://www.econbiz.de/10010836462
Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of...
Persistent link: https://www.econbiz.de/10005572150
This paper analyses the theoretical relevance of the dynamical aspects of growth on the discussion about the observed positive correlation between per capita real income and real exchange rates. With this purpose, we develop a simple exogenous growth model where the internal, external and...
Persistent link: https://www.econbiz.de/10005572218
We construct estimates of educational attainment for a sample of OECD countries using previously unexploited sources. We follow a heuristic approach to obtain plausible time profiles for attainment levels by removing sharp breaks in the data that seem to reflect changes in classification...
Persistent link: https://www.econbiz.de/10005582709
We use statistical techniques to quantify the effects of school attainment on individual wages, participation rates and employment probabilities in Spain, and to measure the contribution of education to labour productivity at the regional level. These estimates are then combined with data on...
Persistent link: https://www.econbiz.de/10005168430