Capital accumulation, unemployment, and the putty-clay
AbstractThis 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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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 5 (2004)
Issue (Month): 19 ()
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Find related papers by JEL classification:
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- D9 - Microeconomics - - Intertemporal Choice
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- Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877, December.
- 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.
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