摘要:

ABSTRACTThis paper reexamines the case for subsidizing employment. One superficially promising approach, based on the idea that government cofinancing of unemployment benefits could induce firms to lay off too many workers in bad times, turns out to be an unsatisfactory argument for employment subsidies when worker‐firm contracts are optimal. But efficiency wage explanations for unemployment offer considerable scope for a revenue‐neutral combination of a specific labour subsidy andad valoremwage tax. When pitched low enough, unemployment must fall under a wide set of conditi

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00791.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTA simple model of the labor market is analyzed using the concept of statistical equilibrium. Involuntary unemployment is revealed to be an equilibrium phenomenon in this approach. The consequences of wage subsidies depend critically on whether they are paid to workers or to employers.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00792.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper extends the standard Keynesian model of aggregate demand and supply allowing for imperfect competition, variable returns to scale, and entry and exit of firms. It distinguishes three phases of macroeconomic equilibria, stagnant, expansive and contractive, according to whether the number of firms is fixed or endogenously determined by the position of the aggregate demand curve. Using this model we show that a large shift in the aggregate demand affects the structure of the economy irreversibly and that the real wage or labor productivity may move procyclically rather than anticyclically. We also elucidate the asymmetric effects of fiscal and monetary policies on the entry of firms and employment.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00793.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThe recent advent of political democracy in South Africa has brought into sharp focus those macroeconomic and labour policies designed to combat unacceptably high unemployment levels, that have escalated steadily to present estimates of approximately 40 per cent of the Economically Active Population. The continuing implementation of neo‐liberal orthodox policies, the authors maintain, will aggravate the problem. An alternative theoretical framework containing elements of a neo‐Ricardian, post‐Keynesian approach and based on research work of the Macroeconomic Research Group (MERG) is advocated. This approach focuses on State‐led, demand‐inducing policies, while not neglecting the supply side of the labour market in Sou

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00794.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTEmpirical observations suggest the existence of an unstable inflation‐unemployment trade‐off: whereas high levels of employment generate accelerating inflation rates, stability of the price level seems to require growing rates of unemployment. Under these conditions, macroeconomic policy has to produce countervailing economic fluctuations in order to limit the extent of the two‐sided instability. This is discussed within the framework of a macroeconomic model, in which prices and wages are determined by potential competition, and in which employment depends on monetary demand. The model is confronted with prevailing natural rate theories in which a stable equilibrium rate of employment is determined by supply condi

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00795.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY