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How Are Product Demand Changes Transmitted to the Labour Market?

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  • Lindbeck, Assar
  • Snower, Dennis J

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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Bibliographic 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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Cited by:
  1. 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.
  2. Kugler, Adriana & Pica, Giovanni, 2003. "The effects of employment protection and product market regulations on the Italian labor market," Discussion Paper Series In Economics And Econometrics 0310, Economics Division, School of Social Sciences, University of Southampton.
  3. Corrado Benassi & Roberto Cellini & Alessandra Chirco, 1999. "Market power under income polarization," Journal of Economics, Springer, vol. 69(3), pages 289-298, October.
  4. 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.
  5. Karanassou, Marika & Snower, Dennis J., 2007. "Characteristics of Unemployment Dynamics. The Chain Reaction Approach," Economics Series 205, Institute for Advanced Studies.
  6. Pichelmann, Karl & Schuh, Andreas-Ulrich, 1996. "The NAIRU - Concept: A Few Remarks," Economics Series 36, Institute for Advanced Studies.
  7. Pablo, Agnese & Hector, Sala, 2008. "Unemployment in Japan: A look at the ‘lost decade’," MPRA Paper 14332, University Library of Munich, Germany.
  8. Karanassou, Marika & Sala, Hector & Snower, Dennis J., 2003. "The European Phillips Curve: Does the NAIRU Exist?," CEPR Discussion Papers 4102, C.E.P.R. Discussion Papers.
  9. 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.
  10. Jakob Madsen & Richard Damania, 2001. "Labour Demand and Wage-induced Innovations: Evidence from the OECD countries," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 323-334.
  11. Doucouliagos, Chris, 1997. "The Aggregate Demand for Labour in Australia: A Meta-analysis," Australian Economic Papers, Wiley Blackwell, vol. 36(69), pages 224-42, December.
  12. Chu, Hsun & Lai, Ching-Chong & Cheng, Chu-Chuan, 2013. "Tax Havens, Growth, and Welfare," MPRA Paper 52878, University Library of Munich, Germany, revised Sep 2013.

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