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and lagged relationships between the rates of inflation, unemployment, and change in labour force. For France, several … unemployment within the Phillips curve framework. Following the original problem formulation by Fisher and Phillips, the set of … study has validated the reliability and accuracy of the linear and lagged relationships between inflation, unemployment, and …
Persistent link: https://www.econbiz.de/10011109998
plot of seasonal adjusted quarterly data between the change of nominal wage rates and the unemployment rate shows a picture …
Persistent link: https://www.econbiz.de/10008587820
, leading to the emergence of Embodied Human Capital Unemployment. We illustrate the relevance of this new concept of … unemployment to the U.S economy in the first decade of the 21st Century. This helps achieve a deeper understanding of the current …
Persistent link: https://www.econbiz.de/10009025275
equilibrium, thereby generating unemployment in the ‘East’. This slows the migration of human capital towards the East, but …
Persistent link: https://www.econbiz.de/10005661511
Given the decline in growth momentum in the manufacturing sector in many OECD countries, the role of knowledge-based capital has emerged as a key driver for sustained growth. While empirical studies on estimating knowledge spillovers have usually been undertaken at the country level, the...
Persistent link: https://www.econbiz.de/10011251881
unemployment – inflation space. …
Persistent link: https://www.econbiz.de/10009325625
Increasing returns are an incontrovertible fact since Adam Smith hailed them as the very originators of wealth, yet they play havoc with general equilibrium. They fit, in marked contrast, nicely into the structural axiomatic framework. This indicates that it is worthwhile to replace the...
Persistent link: https://www.econbiz.de/10009278289
Nominal price and wage rigidity renders monetary policy effective over output. However, this effectiveness extends, under widely used overlapping-wage and Calvo-contract Phillips Curves, to planned monetary policy (‘exploitability’) and not merely to policy surprises. We argue that within...
Persistent link: https://www.econbiz.de/10005662276
Age data frequently display excess frequencies at attractive numbers, such as multiples of five. We use this "age heaping" to measure cognitive ability in quantitative reasoning, or "numeracy". We construct a database of age heaping estimates with exceptional geographic and temporal coverage,...
Persistent link: https://www.econbiz.de/10005791567
The New Keynesian Phillips curve explains inflation dynamics as being driven by current and expected future real marginal costs. In competitive labour markets, the labour share can serve as a proxy for the latter. In this paper, we study the role of real marginal cost components implied by...
Persistent link: https://www.econbiz.de/10005792530