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Capital accumulation, unemployment, and the putty-clay

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  • Javier Birchenall

    ()
    (Department of Economics. University of California, Santa Barbara)

Abstract

This note studies the dynamics of labor markets in a putty-clay framework. It analyzes the evolution of job creation and job destruction in an economy without market frictions. Unemployment and labor market flows emerge under putty-clay technologies because low productive jobs become unused factors. As capital accumulates, firms destruct low productive jobs by obsolescence. Simultaneously, the use of capital intensive technologies s new jobs by the low substitution between capital and labor.

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File URL: http://www.accessecon.com/pubs/EB/2004/Volume5/EB-04E20007A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 5 (2004)
Issue (Month): 19 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-04e20007

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  1. Akerlof, George A, 1981. "Jobs as Dam Sites," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 37-49, January.
  2. Dale T. Mortensen & Christopher A. Pissarides, 1999. "Job Reallocation, Employment Fluctuations and Unemployment," CEP Discussion Papers dp0421, Centre for Economic Performance, LSE.
  3. Mortensen, Dale T., 1994. "The cyclical behavior of job and worker flows," Journal of Economic Dynamics and Control, Elsevier, vol. 18(6), pages 1121-1142, November.
  4. Mortensen, Dale T & Pissarides, Christopher A, 1994. "Job Creation and Job Destruction in the Theory of Unemployment," Review of Economic Studies, Wiley Blackwell, vol. 61(3), pages 397-415, July.
  5. Abel, Andrew B, 1983. "Energy Price Uncertainty and Optimal Factor Intensity: A Mean-Variance Analysis," Econometrica, Econometric Society, vol. 51(6), pages 1839-45, November.
  6. Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877, December.
  7. Calvo, Guillermo A, 1976. "Optimal Growth in a Putty-Clay Model," Econometrica, Econometric Society, vol. 44(5), pages 867-78, September.
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