Keynesian Models of Unemployment
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Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework
The steep increases in unemployment associated with the financial crisis and global recession of 2008–2009, and the widespread focus on unemployment in both the popular press and in policy debates, is in sharp contrast to the canonical new Keynesian model in which unemployment is noticeably absent. In that model, workers are never unemployed, and only hours worked per worker vary over the busin...
متن کاملExplaining European Unemployment: Testing the NAIRU Theory and a Keynesian Approach
2 Introduction 3 NAIRU vs. Keynes: conflicting theories of unemployment 4 Empirical work (review) 6 Econometric method 7 Testing the NAIRU story 8 Testing the Keynesian story 11 Combining NAIRU and Keynesian factors 12 Conclusion 14 Bibliography 15 Tables 17 Table 1. A NAIRU model 17 Table 2. A Keynesian model 18 Table 3. Unmployment regression: u = c + ∆ infl + rr + ud + tw + tot 19 Table 4. U...
متن کاملNorms , Capital Accumulation and Unemployment : A Post Keynesian View Engelbert Stockhammer
150 wds) The paper presents a Post Keynesian view of unemployment. It argues, firstly, that the effective labour demand need not be downward sloping with respect to real wages and aggregate demand need not be downward sloping with respect to inflation; secondly, that there is a broad case for unemployment hysteresis, understood as endogeneity of the NAIRU, based on social norms in wage bargaini...
متن کاملCapital Accumulation and Unemployment in Namibia, Nigeria, and South Africa
The research investigates the causes of unemployment in Namibia, Nigeria and South Africa and the role of Capital Accumulation in reducing the unemployment profile of these economies as proposed by the post-Keynesian economics. This is conducted through extensive review of literature on the NAIRU models and focused on the post-Keynesian view of unemployment within the NAIRU framework. The NAIRU...
متن کاملIntroduction to the New Keynesian Phillips Curve
I n most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve. The Phillips curve is sometimes viewed as a menu for monetary policymakers, that is, they can choose between high inflation and low unempl...
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تاریخ انتشار 2011