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Sources of Persistence in Employment Adjustment - Denmark 1974-1993

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Author Info
Torben M.Andersen
Svend Hylleberg () (Department of Economics, University of Aarhus, Denmark)

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Abstract

This paper aims at identifying and quantifying different sources of persistency in employment adjustment. Based on a dynamic labour market model an explicit distinction is made between real and nominal (prices and wages) propagation mechanisms. The theoretical analysis provides the basis for an empirical analysis of nominal wages, nominal prices and employment for the manufacturing sector in Denmark 1974.1 to 1993.4. We find that nominal rigidities prevail in the short run and that nominal propagation mechanisms play a larger role than real propagation mechanisms. The persistency mechanisms identified here are substantial from a business cycle perspective, but not in relation to the span of time over which unemployment has persisted at a high level.

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Paper provided by School of Economics and Management, University of Aarhus in its series Economics Working Papers with number 1998-19.

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Handle: RePEc:aah:aarhec:1998-19

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Related research
Keywords: Wage and price formation; nominal and real shocks; propagation mechanisms;

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Find related papers by JEL classification:
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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  5. Dickey, David A & Pantula, Sastry G, 2002. "Determining the Order of Differencing in Autoregressive Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 18-24, January.
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  11. Henning Bunzel & Bent Jesper Christensen & Niels Haldrup & Svend Hylleberg & Viggo Hoest & Peter Jensen & Allan Wurtz, . "Udviklingslinier i Oekonometrien," Economics Working Papers 1998-15, School of Economics and Management, University of Aarhus. [Downloadable!]
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  15. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February. [Downloadable!] (restricted)
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  17. Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June. [Downloadable!] (restricted)
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  19. Rotemberg, Julio J, 1982. "Sticky Prices in the United States," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1187-1211, December. [Downloadable!] (restricted)
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