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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 traditional Keynesian and neoclassical models, the transmission of product demand changes to the labour market generally involves wage-price sluggishness or counter-cyclical real wage movements. In practice, however, real wages are often acyclical or procyclical, and wages and prices are flexible in the longer run. This paper examines the main channels whereby product demand can affect employment under these conditions. The analysis suggests that the longer-term effectiveness of demand management policies depends significantly on the availability of a limited number of supply-side transmission channels.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 844.

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Date of creation: Sep 1993
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Handle: RePEc:cpr:ceprdp:844

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Keywords: Demand Management Policy; Employment; Imperfect Competition; Transmission Mechanisms;

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