System der Industriellen Revolution 3. Das Problem der Arbeitslosigkeit). - Teil 4. Produktive Arbeit und Tätigkeit in der …

We consider a dynamic general equilibrium model with collective wage bargaining and investigate how unemployment … unemployment persistence by its adverse impact on growth, and may even destabilize the adjustment path. If this is the case, a … future fiscal consolidation is needed which further raises unemployment. These results are consistent with empirical evidence …