منابع مشابه
High Discounts and High Unemployment
In recessions, the stock market falls more than in proportion to corporate profit. The discount rate implicit in the stock market rises. All types of investment fall, including employers’ investment in job creation. According to the leading view of unemployment—the Diamond-Mortensen-Pissarides model—when the incentive for job creation rises, the labor market tightens and unemployment falls. Emp...
متن کاملPast and Prospective Causes of High Unemployment
Twenty years ago, on the eve of the first of the great post-BrettonWoods recessions, unemployment did not appear to be a major problem for advanced economies. Among what would later be dubbed the G-7 nations, the United States had the highest unemployment rate at 5.5 percent; but very little of this unemployment was long-term, and the extent of short-term unemployment could be rationalized as t...
متن کاملWhy Is Unemployment High in the Philippines?
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Unemployment has remained high in the Philippines, at almost twice the level of neighboring countries, despite relatively fast employment gro...
متن کاملWhy is Unemployment so High in Bulgaria?
The objective of this paper is to determine the main factors behind poor labor market outcomes in Bulgaria. Unemployment in Bulgaria is high and of long duration. The accumulation of the unemployment stock has been caused by relatively high inflows into unemployment coupled with limited outflows. These features of the Bulgarian labor market are quite typical of other transition economies of Cen...
متن کاملInvoluntary unemployment, macroeconomic policy, and a behavioral model of the firm: Why high real wages need not cause high unemployment
The perspective of modern macroeconomic theory, be it new classical or old and new Keynesian, is that unemployment can be reduced only if real wages are cut. The modern Keynesians, basing themselves upon the microfoundations of efficiency wage theory, argue that real wages cannot and will not be cut by firms for efficiency wage reasons. This generates involuntary unemployment based on a market ...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2017
ISSN: 0002-8282
DOI: 10.1257/aer.20141297