| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4717 |
| DP4717 Resolution of Sovereign Debt Crises: The New Old Framework | |
| Richard Portes | |
| 发表日期 | 2004-10-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We introduce labour market imperfections (i.e. unions and the existence of a wage floor) in a finance-constrained monetary economy with heterogenous agents and increasing returns to scale due to labour and capital productive externalities. We find that indeterminacy emerges for empirically plausible values of the parameters, compatible with a downward-sloping marginal productivity of labour curve. Moreover, we show that indeterminacy and Hopf bifurcations are possible with an (arbitrarily) small degree of (total) externalities provided that the share of labour externalities exceed a lower bound, which decreases with union power. We also find that unions increase simultaneously steady-state employment, capital accumulation and welfare if the marginal productivity of labour is decreasing in employment. |
| 主题 | International Macroeconomics |
| 关键词 | Indeterminacy Bifurcations Externalities Unions |
| URL | https://cepr.org/publications/dp4717 |
| 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/533634 |
| 推荐引用方式 GB/T 7714 | Richard Portes. DP4717 Resolution of Sovereign Debt Crises: The New Old Framework. 2004. |
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