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Falling labor share and rising unemployment: long-run consequences of institutional shocks?

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  • Berthold, Norbert
  • Fehn, Rainer
  • Thode, Eric
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    Abstract

    The literature on unemployment has mostly focused on labor market issues while the impact of capital formation is largely neglected. Job-creation is often thought to be a matter of encouraging more employment on a given capital stock. In contrast, this paper explicitly deals with the long-run consequences of institutional shocks on capital formation and employment. It is shown that the usual trade off between employment and wages disappears in the long run. In line with an appropriation model, the estimated values for the long-run elasticities of substitution between capital and labor for Germany and France are substantially greater than one. --

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    Bibliographic Info

    Paper provided by Julius-Maximilians-Universität Würzburg, Lehrstuhl für Volkswirtschaftslehre, insbes. Wirtschaftsordnung und Sozialpolitik in its series Wirtschaftswissenschaftliche Beiträge with number 30.

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    Date of creation: 1999
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    Handle: RePEc:zbw:wuewwb:30

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    Related research

    Keywords: Unemployment; Institutional Shocks; Appropriation; Elasticity of Substitution; Technical Change;

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    Cited by:
    1. Rainer Fehn & Carsten-Patrick Meier, 2000. "The Positive Economics of Corporatism and Corporate Governance," Kiel Working Papers 982, Kiel Institute for the World Economy.
    2. Heikki Kauppi & Erkki Koskela & Rune Stenbacka, 2004. "Equilibrium Unemployment and Capital Intensity Under Product and Labor Market Imperfections," CESifo Working Paper Series 1343, CESifo Group Munich.
    3. Berthold, Norbert & Fehn, Rainer & Thode, Eric, 1999. "Rigide Arbeitsmärkte und ungleiche Einkommensverteilung: ein unlösbares Dilemma?," Wirtschaftswissenschaftliche Beiträge 31, Julius-Maximilians-Universität Würzburg, Lehrstuhl für Volkswirtschaftslehre, insbes. Wirtschaftsordnung und Sozialpolitik.

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