Please use this identifier to cite or link to this item:
http://dspace.mediu.edu.my:8181/xmlui/handle/10419/20362| Title: | Unemployment, Growth and Fiscal Policy : New Insights on the Hysteresis Hypothesis |
| Keywords: | E62 E24 O41 ddc:330 unemployment hysteresis multiple equilibria economic growth fiscal policy Arbeitslosigkeit Hysteresis Neue Wachstumstheorie Dynamisches Gleichgewicht Lohnrigidität Haushaltskonsolidierung Investition Theorie EU-Staaten Vereinigte Staaten Faktorkomplementarität Multiples Gleichgewicht |
| Issue Date: | 16-Oct-2013 |
| Description: | We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and balanced budget rules cause a complementarity between capital and employment capable of explaining the existence of multiple equilibrium paths. Hysteresis is viewed as the result of a selection between these different equilibrium paths. We use this model to argue that, in contrast to the US, those fiscal policies followed by most of the European countries after the shocks of the 1970?s may have played a central role in generating hysteresis. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/20362 |
| Other Identifiers: | http://hdl.handle.net/10419/20362 ppn:386729158 |
| Appears in Collections: | EconStor |
Files in This Item:
There are no files associated with this item.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.