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Flexibility, Investment and Growth

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Author Info
Bertola, Giuseppe

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Abstract

This paper proposes a model of endogenous growth with diversifiable uncertainty, irreversible investment decisions and imperfect labour mobility. Obstacles to labour reallocation lower the operating profits earned by existing firms and increase the cost of creating new ones, thus reducing investment, growth and welfare in decentralized equilibrium. The model's macroeconomic framework is appropriate for a study of labour contracts, of capital- and labour-market imperfections, and of industrial policy.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 422.

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Date of creation: Jun 1990
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Handle: RePEc:cpr:ceprdp:422

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Related research
Keywords: Efficient Allocation; Flexibility; Growth; Idiosyncratic Shocks; Job Security;

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  1. Bassanini, Andrea & Nunziata, Luca & Venn, Danielle, 2008. "Job Protection Legislation and Productivity Growth in OECD Countries," IZA Discussion Papers 3555, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  2. Vindigni, Andrea, 2008. "Uncertainty and the Politics of Employment Protection," IZA Discussion Papers 3509, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Lars Calmfors & Giancarlo Corsetti & Seppo Honkapohja & John Kay & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2006. "Chapter 3: Economic Growth in the European Union," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 68-88, 03. [Downloadable!]
  4. Miquel Faig, 1997. "INVESTMENT IRREVERSIBILITY IN GENERAL EQUILIBRIUM: Capital Accumulation, Interest Rates, and the Risk Premium," Working Papers faig-97-01, University of Toronto, Department of Economics. [Downloadable!]
  5. Thomas M. Steger & Lucas Bretschger, 2005. "Globalization, the volatility of intermediate goods prices and economic growth," Economics working paper series 05/40, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
  6. Koeniger, Winfried, 2002. "Employment Protection, Product Market Competition and Growth," IZA Discussion Papers 554, Institute for the Study of Labor (IZA). [Downloadable!]
  7. Graziella Bertocchi, 2003. "Labor Market Institutions, International Capital Mobility, and the Persistence of Underdevelopment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(3), pages 637-650, July. [Downloadable!] (restricted)
  8. Florian Baumann, 2008. "Employment Protection: The Case of Limited Enforceability," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  9. Markus Poschke, 2006. "Employment Protection, Firm Selection, and Growth," Economics Working Papers ECO2006/35, European University Institute. [Downloadable!]
    Other versions:
  10. Bertola, Giuseppe, 2002. "A Pure Theory of Job Security and Labour Income Risk," CEPR Discussion Papers 3430, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  11. Frederick van der Ploeg & Steven Poelhekke, 2007. "Volatility, Financial Development and the Natural Resource Curse," Economics Working Papers ECO2007/36, European University Institute. [Downloadable!]
    Other versions:
  12. Patrick Artus, 1994. "Salaire minimum, qualification et croissance," Annales d'Economie et de Statistique, ADRES, issue 35, pages 02, Juillet-S. [Downloadable!]
  13. Vindigni, Andrea, 2008. "Uncertainty and the Politics of Employment Protection," Papers 05-27-2008, Princeton University, Research Program in Political Economy. [Downloadable!]
  14. Andrea Vindigni, 2008. "Uncertainty and the Politics of Employment Protection," LABORatorio R. Revelli Working Papers Series 77, LABORatorio R. Revelli, Centre for Employment Studies. [Downloadable!]
  15. Damiani, Mirella & Pompei, Fabrizio, 2009. "Labour protection and productivity in the European economies: 1995-2005," MPRA Paper 12710, University Library of Munich, Germany. [Downloadable!]
  16. Chen, Yu-Fu & Snower, Dennis & Zoega, Gylfi, 1999. "Firing Costs: Eurosclerosis or Eurosuccesses?," Discussion Paper Series 26177, Hamburg Institute of International Economics. [Downloadable!]
  17. Boyan Jovanovic & Saul Lach, 1991. "The Diffusion of Technology and Inequality Among Nations," NBER Working Papers 3732, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  18. Thierry Tressel, 2008. "Does Technological Diffusion Explain Australia's Productivity Performance?," IMF Working Papers 08/4, International Monetary Fund. [Downloadable!]
  19. Maurice Obstfeld, 1995. "Risk-Taking, Global Diversification, and Growth," NBER Working Papers 4093, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  20. Straathof,Bas, 2002. "Micro-uncertainty and growth," Research Memoranda 003, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
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