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The role of the wage-productivity gap in economic activity

Karanassou, Marika; Sala, Hector - In: International review of applied economics 28 (2014) 4, pp. 436-459

Persistent link: https://www.econbiz.de/10010355847

Karanassou, Marika; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2002

This paper provides a critique of the "unemployment invariance hypothesis," according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and the labor force. Using Solow growth and endogenous growth...

Persistent link: https://www.econbiz.de/10005822664

Inequality and Employment Sensitivities to the Falling Labour Share

Karanassou, Marika; Sala, Hector - School of Economics and Finance, Queen Mary - 2011

inequality and employment. To this end, we use annual data for the US, UK and Sweden over the past forty years and estimate … contributions of the labour share to the trajectories of inequality and employment during specific time intervals in the post-1990 … years. We find that during the nineties the cost of a one percent increase in employment was in the range of 0 …

Persistent link: https://www.econbiz.de/10009141346

Inequality and Employment Sensitivities to the Falling Labour Share

Karanassou, Marika; Sala, Hector - Institute for the Study of Labor (IZA) - 2011

Persistent link: https://www.econbiz.de/10009147295

The Wage-Productivity Gap Revisited: Is the Labour Share Neutral to Employment?

Karanassou, Marika; Sala, Hector - Departament d'Economia Aplicada, Universitat Autònoma … - 2010

investigates its impact on the evolution of employment. Whilst maintaining the assumption of a unitary long-run elasticity of wages … stylised labour demand equation and show that the labour share is a driving force of employment. We substantiate our analytical … exposition by providing empirical models of wage setting and employment equations for France, Germany, Italy, Japan, Spain, the …

Persistent link: https://www.econbiz.de/10008740441

Unemployment in the European Union: A dynamic reappraisal

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2003

This paper examines the movements in EU unemployment from two perspectives: (a) the NRU/NAIRU perspective, in which unemployment movements are attributed largely to changes in the long-run equilibrium unemployment rate and (b) the chain-reaction perspective, in which unemployment movements are...

Persistent link: https://www.econbiz.de/10010955891

Unemployment invariance

Karanassou, Marika; Snower, Dennis J. - 2002

This paper provides a critique of the ?unemployment invariance hypothesis,? according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and the labor force. Using Solow growth and endogenous growth...

Persistent link: https://www.econbiz.de/10010265548

Characteristics of unemployment dynamics: The chain reaction approach

Karanassou, Marika; Snower, Dennis J. - 2000

The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in unemployment are viewed as "chain reactions" of responses to labor market shocks, working their way through systems of interacting lagged adjustment processes. In the context of...

Persistent link: https://www.econbiz.de/10010273099

Adjustment dynamics and the natural rate: An account of UK unemployment

Henry, Brian; Karanassou, Marika; Snower, Dennis J. - 1999

This paper challenges what is the standard account of UK unemployment, namely that the major swings in unemployment over the past 25 years are due predominantly to movements in the underlying empirical “natural rate of unemployment” (NRU). Our analysis suggests that the British NRU has...

Persistent link: https://www.econbiz.de/10010273128

A reappraisal of the inflation-unemployment-productivity nexus: SKOPE Research Paper No. 38, Spring 2003

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2003

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

Persistent link: https://www.econbiz.de/10009441372