This article argues in favor of drawing a distinction between the concepts of labor rationing and unemployment. Labor rationing refers to the occurrence of excess supply in a given labor market and unemployment to the job searching activity. The former, it will be argued, is a necessary yet...

This paper examines the relationship between wages and employment at the establishment level. It exploits a sample of Italian firms and workers. To correct for a potential labor composition effect, estimations use both the change in the firm's average wage and the mean of individual wage changes...

This paper estimates the impact of a more than 50 percent reduction in the minimum to average wage ratio in Mexico between 1970 and 1990 using panel data on minimum wages in thirty-two Mexican states. Minimum wages are found to have little effect on male employment but a negative employment...

This article uses multi-period ex ante anticipations of money supply growth to estimate the parameters of a model, suggested by Stanley Fischer, in which money affects real variables only through multi-period errors in anticipations. This model is tested against an alternative, first evaluated...

When the Classical economists asserted the "impossibility of general overproduction," or what we now call Say's Law of Markets, they had in mind not periodic crises or business cycles but secular stagnation. Could the capitalist system absorb the constant increases in output without breakdown...

Palley (1995) recently built a job-hour model to provide us with a new view regarding the reason for unemployment and the positive employment effect of a minimum wage hike. This paper points out some difficulties with his explanation of his paper's findings and tries to provide an alternative...

Kaldor (1966) presented Verdoorn "law," having found a statistically significant relation between manufacturing productivity growth and manufacturing output growth using least squares on a small postwar sample that included Japanese data. Rowthorn (1975) claimed that the Verdoorn "law" fell...

This article is a short introduction to the 5 paper symposium on the European economic and monetary union appearing in this issue.

The convergence criteria that were introduced to allow the creation of a common currency, the EURO, in the European Union appear to sacrifice growth and employment for price stability. Yet, this conflict will have to be resolved if the European project is to succeed. This paper suggests that...