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Persistent link: https://www.econbiz.de/10003742886
The share of health care expenditure in GDP rises rapidly in virtually all OECD countries, causing increasing concern among politicians and the general public. Yet, economists have to date failed to reach an agreement on what the main determinants of this development are. This paper revisits...
Persistent link: https://www.econbiz.de/10003348678
Against the backdrop of Baumol's model of "unbalanced growth", a recent strand of literature has presented models that manage to reconcile structural change with Kaldor's "stylized fact" of the relative constancy of per-capita GDP growth. Another strand of literature goes beyond this, arguing...
Persistent link: https://www.econbiz.de/10008729025
Persistent link: https://www.econbiz.de/10009502132
Okun's Law postulates a stable relationship between quarterly output growth and changes in (un)employment. This proposition has so far been tested with macroeconomic data at the highest level of aggregation. The paper goes beyond that in extending the analysis to industry data from Switzerland,...
Persistent link: https://www.econbiz.de/10010362189
The paper combines Baumol's model of structural change with a model of aggregate demand growth in the Keynesian-Kaleckian tradition to predict the dynamics of aggregate employment. The model for the demand regime is estimated with - and Baumol's model for the productivity regime is calibrated on...
Persistent link: https://www.econbiz.de/10010197410
Persistent link: https://www.econbiz.de/10010336783
Persistent link: https://www.econbiz.de/10010420029
Persistent link: https://www.econbiz.de/10010465654
Against the backdrop of Baumol's model of unbalanced growth, a recent strand of literature has presented models that manage to reconcile structural change with Kaldor's stylized fact of the relative constancy of per-capita GDP growth. Another strand of literature goes beyond this, arguing that...
Persistent link: https://www.econbiz.de/10010277772