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Equilibrium Unemployment and Investment Under Product and Labour Market Imperfections

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dc.creator Kauppi, Heikki
dc.creator Koskela, Erkki
dc.creator Stenbacka, Rune
dc.date 2004
dc.date.accessioned 2013-10-16T07:09:48Z
dc.date.available 2013-10-16T07:09:48Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/20293
dc.identifier ppn:38095074X
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/20293
dc.description We study the implications of product market competition and investment for price setting, wage bargaining and thereby for equilibrium unemployment in an economy with product and labour market imperfections. We show that intensified product market competition will reduce equilibrium unemployment, whereas the effect of increased capital intensity is more complex. Higher capital intensity will decrease the equilibrium unemployment when the elasticity of substitution between capital and labour is less than one, while the reverse happens when this elasticity is higher than one but smaller than the elasticity of substitution between products. Finally, we demonstrate how labour and product market imperfections, characterized by the wage and price setting mark-ups, affect the optimal capital stock. Our findings raise important questions for future empirical research.
dc.language eng
dc.relation IZA Discussion paper series 1058
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E22
dc.subject J51
dc.subject E24
dc.subject L11
dc.subject ddc:330
dc.subject equilibrium unemployment
dc.subject product market imperfections
dc.subject investment
dc.subject wage bargaining
dc.subject Arbeitslosigkeit
dc.subject Arbeitsmarkttheorie
dc.subject Unvollkommener Markt
dc.subject Wettbewerb
dc.subject Investition
dc.subject Lohnverhandlungstheorie
dc.subject Kapitalintensität
dc.subject Theorie
dc.title Equilibrium Unemployment and Investment Under Product and Labour Market Imperfections
dc.type doc-type:workingPaper

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