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Unemployment, growth and fiscal policy new insights on the hysteresis hypothesis
| Content Provider | Library of Congress - Books/Printed Material |
|---|---|
| Author | Raurich, Xavier. Sala, Hector |
| Temporal Coverage | 2004 |
| Abstract | "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"--Forschungsinstitut zur Zukunft der Arbeit web site. |
| Language | English |
| Publisher | IZA, |
| Publisher Place | Bonn, Germany |
| Part of Series | Catalog |
| Requires | HTML5 supported browser |
| Access Restriction | Open |
| Subject Keyword | Economic Development Fiscal Policy Hysteresis Mathematical Models Unemployment |
| Subject Domain (in LCSH) | Economic development--Mathematical models |
| Subject Domain (in LCSH) | Unemployment--Mathematical models |
| Subject Domain (in LCSH) | Fiscal policy--Mathematical models |
| Subject Domain (in LCSH) | Hysteresis |
| Subject Domain (in LCC) | HD5701 |
| Content Type | Text |
| Resource Type | Book |
