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Determinants of Long-Run Unemployment

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Author Info

  • Haoming Liu

    () (Department of Economics, National University of Singapore, Singapore 117570)

  • Jinli Zeng

    () (Department of Economics, National University of Singapore, Singapore 117570)

Abstract

This paper investigates the determinants of long-run unemployment and growth by extending the endogenous growth model of Howitt and Aghion (1998) to allow for a more general treatment of the labor market in the spirit of Pissarides (1990). We find that (i) both long-run growth and unemployment depend not only on factors that affect long-run growth as identified in endogenous growth models with full employment, but also on certain labor market parameters; (ii) long-run unemployment may rise or fall with growth depending on the model's parameters; and (iii) though government policies that promote growth indirectly through improvement in labor market efficiency always reduce the long-run unemployment rate, policies that directly encourage investment in research and development may increase the unemployment rate.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 74 (2008)
Issue (Month): 3 (January)
Pages: 775-793

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Handle: RePEc:sej:ancoec:v:74:3:y:2008:p:775-793

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