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Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision-making in families) is...
Persistent link: https://www.econbiz.de/10011454407
Due to population aging, GDP growth per capita and GDP growth per working-age adult have become quite different among many advanced economies over the last several decades. Countries whose GDP growth per capita performance has been lackluster, like Japan, have done surprisingly well in terms of...
Persistent link: https://www.econbiz.de/10014437045
in their unemployment rate and not a decline in labour force participation rate. Policymakers should take account of …
Persistent link: https://www.econbiz.de/10012157899
We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements are declines in firm-level volatility and aggregate...
Persistent link: https://www.econbiz.de/10003781571
externalities and equilibrium unemployment. Our model incorporates endogenous labor force participation and two margins of … consumption and output; a marginal increase in the unemployment and labor force participation rates; and an expansion in the … accompanied by gradual gains in output and consumption and a negligible expansion in unemployment. Critically, abstracting from …
Persistent link: https://www.econbiz.de/10012519987
This paper extends the theoretical concept of wage-led and profit-led demand regimes, first introduced by Amit Bhaduri and Steven Marglin in the early 1990s, by incorporating relative consumption concerns. Specifically, it integrates the Veblenian concept of conspicuous consumption into a...
Persistent link: https://www.econbiz.de/10009739000
more of them are residing with their parents. The unemployment rate at 23-27 year old for the 1996 college graduation … explain two thirds of the rise in unemployment and coresidence between the 2013 and 1996 graduation cohorts. Rising wage … dispersion is also important for the increase in unemployment, while declining parental income, rising student loan balances and …
Persistent link: https://www.econbiz.de/10013362051
a latent mortality variable and of unemployment and GDP growth as main business cycle indicators. We find that young … the other age classes between childhood and old age react with lower mortality to increased unemployment or decreased GDP …
Persistent link: https://www.econbiz.de/10010263746
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