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Much of macroeconomic theorizing rests on assumptions that define the short-run output adjustment of a mass-production economy. The demand effect of investment on output, assumed much faster than its supply effect, works through employment expanding pari passu with changes in capacity...
Persistent link: https://www.econbiz.de/10011862399
This study revisits the sectoral shifts hypothesis for the US for the period 1948 to 2011. A quantile regression approach is employed in order to investigate the asymmetric nature of the relationship between sectoral employment and unemployment. Significant asymmetries emerge. Lilien's...
Persistent link: https://www.econbiz.de/10011730966
Persistent link: https://www.econbiz.de/10011348951
This study finds that a model with internal habit memory allowsto simultaneously explain a series of business cycle and asset pricing puzzles. Compared to the literature, the equity premium puzzle can be resolved in a model with endogenous labor, without giving rise to excessive risk free rate...
Persistent link: https://www.econbiz.de/10005858035
The model of the wage bargaining constitutes a framework for calculation of the NAWRU in Poland. The approach used in the paper let me trace changes of the natural unemployment rate in Poland in the context of structural changes in the economy in the last decade. Moreover, I introduced the...
Persistent link: https://www.econbiz.de/10014214119
In this working paper James K. Galbraith, professor of economics at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, rejects the analytical construct within which many economists currently operate; that is, the construct in which in the extreme macroeconomic...
Persistent link: https://www.econbiz.de/10014221705
The study investigates the economic growth in Central and Eastern Europe in the last 25 years. The economy can be regarded as a substantial topic in any country, but it is even more interesting in developing countries. One of the basic ideas of the European Union is the convergence between...
Persistent link: https://www.econbiz.de/10012886777
Changes in social structures occurring during the process of economic growth can be considered direct consequences of this process, while other changes are caused by factors such as technological progress, that affect simultaneously social structures and growth. This chapter focuses on that part...
Persistent link: https://www.econbiz.de/10014023760
It has been argued in recent economic literature that deregulation in both product and labour markets has beneficial impacts on employment and on real wages. The results offered to support this argument, however, are controversial. So far the debate has been concerned with comparative static...
Persistent link: https://www.econbiz.de/10013152352
The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a...
Persistent link: https://www.econbiz.de/10013074584