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How Are Product Demand Changes Transmitted to the Labour Market?

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Author Info
Lindbeck, Assar
Snower, Dennis J

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Abstract

In the traditional Keynesian and classical models, the transmission of product demand changes to the labor market generally involves wage-price sluggishness or countercyclical real wage movements. In practice, however, real wages are often acyclical or procyclical, and wages and prices are flexible over periods of several years. This paper examines the main channels whereby product demand can affect employment under these conditions. The analysis suggests that the effectiveness of demand management policies under wage-price flexibility depends significantly on the availability of a limited number of supply-side transmission channels. Copyright 1994 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 104 (1994)
Issue (Month): 423 (March)
Pages: 386-98
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Handle: RePEc:ecj:econjl:v:104:y:1994:i:423:p:386-98

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  1. Karanassou, Marika & Snower, Dennis J., 2007. "Characteristics of Unemployment Dynamics. The Chain Reaction Approach," Economics Series 205, Institute for Advanced Studies. [Downloadable!]
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  2. Adriana Kugler & Giovanni Pica, 2003. "Effects of Employment Protection and Product Market Regulations on the Italian Labor Market," Economics Working Papers 722, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  3. Marika Karanassou & Hector Sala & Dennis Snower, 2007. "Long-Run Inflation-Unemployment Dynamics: The Spanish Phillips Curve and Economic Policy," Kiel Working Papers 1326, Kiel Institute for the World Economy. [Downloadable!]
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  4. Karanassou, Marika & Sala, Hector & Snower, Dennis J., 2003. "The European Phillips Curve: Does the NAIRU Exist?," IZA Discussion Papers 876, Institute for the Study of Labor (IZA). [Downloadable!]
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  5. Pichelmann, Karl & Schuh, Andreas-Ulrich, 1996. "The NAIRU - Concept: A Few Remarks," Economics Series 36, Institute for Advanced Studies. [Downloadable!]
  6. Pablo , Agnese & Hector , Sala, 2008. "Unemployment in Japan: A look at the ‘lost decade’," MPRA Paper 14332, University Library of Munich, Germany. [Downloadable!]
  7. Marika Karanassou & Hector Sala, 2008. "Labour Market Dynamics in Australia: What Drives Unemployment?," Discussion Papers 2008-26, School of Economics, The University of New South Wales. [Downloadable!]
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  8. Corrado Benassi & Roberto Cellini & Alessandra Chirco, 1999. "Market power under income polarization," Journal of Economics, Springer, vol. 69(3), pages 289-298, October. [Downloadable!] (restricted)
  9. Jakob B. Madsen, Richard Damania, 2001. "Labour Demand and Wage-induced Innovations: evidence from the OECD countries," International Review of Applied Economics, Taylor and Francis Journals, vol. 15(3), pages 323-334, July. [Downloadable!] (restricted)
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