Unemployment, growth and fiscal policy
new insights on the hysteresis hypothesis
by Xavier Raurich
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"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.
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Unemployment, growth and fiscal policy: new insights on the hysteresis hypothesis
2004, IZA
Electronic resource
in English
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Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 5/18/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| December 13, 2020 | Edited by MARC Bot | import existing book |
| December 5, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
| December 10, 2009 | Created by WorkBot | add works page |