Profit Sharing, Capital Formation and the NAIRU
AbstractThis paper reconsiders the impact of different remuneration systems on aggregate employment. Contrary to common wisdom on this topic, the authors show that the switch from a fixed wage economy to a share economy results in lower aggregate unemployment. An additional innovation of this paper is the endogeneity of the capital stock decision of the firm, which enables them to assess and reject the common 'disincentive-to-invest' criticism of a share economy. Copyright 1999 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 101 (1999)
Issue (Month): 2 (June)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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- Erkki Koskela & Rune Stenbacka, 2001. "Equilibrium Unemployment with Credit and Labour Market Imperfections," CESifo Working Paper Series 419, CESifo Group Munich.
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- Erkki Koskela & Rune Stenbacka, 2000. "Compensation and Bargaining with Entrpreneurship as the Outside Option," CESifo Working Paper Series 314, CESifo Group Munich.
- Chia-ying Liu & Juin-jen Chang, 2011. "Macroeconomic implications of a sharing compensation scheme in a model of endogenous growth," Journal of Economics, Springer, vol. 102(1), pages 57-75, January.
- Ehrentraut, Oliver & Fetzer, Stefan, 2003. "Wiedervereinigung, Aufholprozess Ost und Nachhaltigkeit," Discussion Papers 104, Institut für Finanzwissenschaft, Albert-Ludwigs-Universität Freiburg.
- Erkki Koskela & Rune Stenbacka, 2002. "Equilibrium Unemployment and Credit Market Imperfections: The Critical Role of Labour Mobility," CESifo Working Paper Series 654, CESifo Group Munich.
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