Underemployment, Capital Irreversibility and Growth under Trade Unionism
AbstractIn an unionized OLG model, it is shown that steady-state underutilization of labour and equipment can be due to the combinaison of the following elements : (i) Irreversibility of capital, technology and skill decision, (ii) Firm specific shocks on productivity. The presence of unions is neither sufficient nor necessary for having unemployment. The result of Devereux and Lockwood (1991) that union power affects positively the capital stock in general equilibrium does not always hold under capital irreversibility.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1994003.
Date of creation: 01 Feb 1994
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unemployment; underutilization; irreversibility; investment; union power;
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- D90 - Microeconomics - - Intertemporal Choice - - - General
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- Erling Steigum, 2001. "Trade Unions and the Burden of the Public Debt," CESifo Working Paper Series 587, CESifo Group Munich.
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