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Capital market imperfections make the future purchasing power of wage income risky. Therefore, current nominal wages may have intertemporal implications which affect wage determination. The influence of consumption risk on wage setting is analysed in a general equilibrium model with an...
Persistent link: https://www.econbiz.de/10012775297
The role of demand management policies is considered in an intertemporal model for a two-sector open economy with labour market imperfections causing persistent unemployment. Structural unemployment is shown to depend on demand management policies, although demand expansion need not in general...
Persistent link: https://www.econbiz.de/10012775320
This paper revisits the role played by myopia in generating a theoretical rationale for pay-as-you-go social security in dynamically efficient economies. Contrary to received wisdom, if the real interest rate is exogenously fixed, enough myopia may justify public pensions but never alongside...
Persistent link: https://www.econbiz.de/10012770252
Is there a Nordic model? What are the main characteristics of the Nordics? What challenges are they facing? Is the Nordic welfare state viable in conditions of globalization and ageing populations? What reforms are needed? The Nordic countries have attracted much international attention in...
Persistent link: https://www.econbiz.de/10010987399
The implications of product market integration for public sector activities (transfers and public consumption) are considered in a standard setting. The analysis supports that a larger public sector (higher tax rate) tends to increase wages and worsen wage competitiveness. However, the...
Persistent link: https://www.econbiz.de/10010851124
Will the current employment crisis produce lost generations with permanently lower labour market attachment? Taking an explicit cohort perspective and based on Danish data we do not find strong persistence in employment rates at the cohort level. Younger workers tend to be more exposed to...
Persistent link: https://www.econbiz.de/10010851132
This paper analyses two reasons why inflation may interfere with price adjustment so as to create inefficiencies in resource allocation at low rates of inflation. The first argument is that the higher the rate of inflation the lower the likelihood that downward nominal rigidities are binding...
Persistent link: https://www.econbiz.de/10010958693