G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3657
DP3657 Bubbles and Capital Flows
Jaume Ventura
发表日期2002-11-20
出版年2002
语种英语
摘要We develop a theoretical nonlinear model of equilibrium unemployment and test its policy implications for a number of OECD countries. The theory here sees the natural rate and the associated equilibrium path of unemployment as endogenous, pushed by the interaction of shocks (mainly demand-management in nature) and the institutional structure of the economy; the channel through which these two forces feed on each other is a political economy process whereby voters react to shocks by demanding more or less social protection. The results from a dozen OECD economies appear to confirm a pattern of unemployment behaviour in which unemployment moves with nonlinear dynamics between high and low equilibria in response to shocks obtained. The policy conclusion is that macroeconomics and supply side policies are intimately linked through political economy and these have the capacity to create both ?vicious? and ?virtuous? circles of economic performance.
主题Labour Economics
关键词Equilibrium employment Political economy Vicious and virtuous circles
URLhttps://cepr.org/publications/dp3657
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532664
推荐引用方式
GB/T 7714
Jaume Ventura. DP3657 Bubbles and Capital Flows. 2002.
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