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WP 2010-5 Institutions, Aggregate Demand and Cross-Country Employment Performance: Alternative Theoretical Perspectives and the Evidence

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Abstract

In New Classical and New Keynesian thinking, the cross-country pattern of unemployment reflects prevailing equilibrium rates, which in turn are mainly explained by the protective labor market institutions that produce market rigidities. While this orthodox view has framed nearly all of the research that has addressed this issue, the evidence to date is not very compelling; recent work in the Keynesian tradition suggests that more attention should be paid to capital accumulation and monetary/fiscal policy. The central claim of this paper is that a still richer account requires embedding the Keynesian account in a comparative political economy framework to explain both levels of aggregate demand and the translation of demand to employment (and unemployment).

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File URL: http://www.economicpolicyresearch.org/scepa/publications/workingpapers/2010/Howell_WP_2010-5.pdf
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Paper provided by Schwartz Center for Economic Policy Analysis (SCEPA), The New School in its series SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. with number 2010-5.

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Length: 36 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:epa:cepawp:2010-5

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Keywords: unemployment; labor demand; employment; aggregate demand; Keynesian;

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