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Unemployment, capital accumulation and labour market institutions in the Great Recession
Stockhammer, Engelbert; Guschanski, Alexander; Köhler, … - Post Keynesian Economics Study Group - PKSG - 2014
The paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run the private … the NAIRU will be endogenous because of the social norm character of wage setting and the supply-side effects of capital …
Persistent link: https://www.econbiz.de/10011132886
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Unemployment, capital accumulation and labour market institutions in the Great Recession
Stockhammer, Engelbert; Guschanski, Alexander; Köhler, … - In: European Journal of Economics and Economic Policies: … 11 (2014) 2, pp. 182-194
This paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run, the private …, the NAIRU will be endogenous because of the social norm character of wage setting and the supply-side effects of capital …
Persistent link: https://www.econbiz.de/10011133412
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Wage Moderation Does Not Work: Unemployment in Europe
Stockhammer, Engelbert - In: Review of Radical Political Economics 39 (2007) 3, pp. 391-397
Orthodox economics blames rigid labor markets and, consequently, high wages for high and persistent unemployment in the euro-area. This is at odds with stylized facts. Unemployment has remained high despite the fact that wage shares have fallen substantially since 1980. Wages moderation has...
Persistent link: https://www.econbiz.de/10011137419
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Capital accumulation, labour market institutions, and unemployment in the medium run
Stockhammer, Engelbert; Klär, Erik - 2008
According to the mainstream view, labour market institutions (LMI) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour market institutions, however, has been called into question recently (Baker et al 2005, Baccaro and Rei...
Persistent link: https://www.econbiz.de/10010265039
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Capital Accumulation, Labour Market Institutions, and Unemployment in the Medium Run
Stockhammer, Engelbert; Klär, Erik - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
According to the mainstream view, labour market institutions (LMI) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour market institutions, however, has been called into question recently (Baker et al 2005, Baccaro and Rei...
Persistent link: https://www.econbiz.de/10004963721
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Explaining European Unemployment: Testing the NAIRU Hypothesis and a Keynesian Approach
Stockhammer, Engelbert - In: International Review of Applied Economics 18 (2004) 1, pp. 1-26
The aim of the paper is to compare the NAIRU hypothesis regarding ­European unemployment and a Keynesian approach to … the issue and to evaluate them econometrically. For the NAIRU explanation, wage push variables are key in explaining the … the accumulation variable. The NAIRU specification performs poorly, with only the tax wedge having a positive effect on …
Persistent link: https://www.econbiz.de/10005482706
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The Impact of Monetary Policy on Unemployment Hysteresis
Stockhammer, Engelbert; Sturn, Simon - Institut für Makroökonomie und Konjunkturforschung … - 2008
This paper investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour...
Persistent link: https://www.econbiz.de/10005582251
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ARBEITSMARKTRIGIDITÄTEN ODER NACHFRAGEMANGEL? DIE URSACHEN DER ARBEITSLOSIGKEIT IN EUROPA
Stockhammer, Engelbert - Vienna University of Economics and Business Research … - 2005
Der Fordismus, das Akkumulationsregime der Nachkriegszeit, das auf einem impliziten Kompromiss zwischen Kapital und Arbeit basierte, war durch einen regulierten Finanzsektor und durch niedrige reale Zinsen gekennzeichnet war, kam in den 70er Jahren in die Krise. Mit der Neo-Konservativen...
Persistent link: https://www.econbiz.de/10005222899
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The Impact of Monetary Policy on Unemployment Hysteresis
Stockhammer, Engelbert; Sturn, Simon - 2008
This paper investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour...
Persistent link: https://www.econbiz.de/10010460466
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Unemployment, capital accumulation and labour market institutions in the Great Recession
Stockhammer, Engelbert; Guschanski, Alexander; Köhler, … - In: European Journal of Economics and Economic Policies: … 11 (2014) 2, pp. 182-194
This paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run, the private …, the NAIRU will be endogenous because of the social norm character of wage setting and the supply-side effects of capital …
Persistent link: https://www.econbiz.de/10014363208