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The Labour Market And Technical Change In Endogenous Cycles

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  • Piero Ferri

Abstract

The paper examines how a macro model, where there is an endogenous technical progress and strong interdependence between real and monetary aspects in both the labour and capital markets, can generate endogenous business cycles. This approach helps to understand the ambiguity of the NAIRU, the nature of the Phillips curve and the impact of labour productivity changes on the curve itself. Finally, the presence of expectation functions based upon a Markov-switching time series process fosters endogenous dynamics and contributes to make asymmetries an important feature of the cycles. Copyright © 2007 The Author; Journal compilation © 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Piero Ferri, 2007. "The Labour Market And Technical Change In Endogenous Cycles," Metroeconomica, Wiley Blackwell, vol. 58(4), pages 609-633, November.
  • Handle: RePEc:bla:metroe:v:58:y:2007:i:4:p:609-633
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    References listed on IDEAS

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    1. Ingram, Beth F. & Kocherlakota, Narayana R. & Savin, N. E., 1997. "Using theory for measurement: An analysis of the cyclical behavior of home production," Journal of Monetary Economics, Elsevier, vol. 40(3), pages 435-456, December.
    2. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Books, National Bureau of Economic Research, Inc, number caga58-1.
    3. Schneider, Friedrich, 2005. "Shadow economies around the world: what do we really know?," European Journal of Political Economy, Elsevier, pages 598-642.
    4. Friedrich Schneider & Dominik Enste, 1999. "Shadow Economies Around the World - Size, Causes, and Consequences," CESifo Working Paper Series 196, CESifo Group Munich.
    5. Guerino Ardizzi & Carmelo Petraglia & Massimiliano Piacenza & Friedrich Schneider & Gilberto Turati, 2013. "Money Laundering as a Financial Sector Crime - A New Approach to Measurement, with an Application to Italy," CESifo Working Paper Series 4127, CESifo Group Munich.
    6. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
    7. Dominik Enste & Friedrich Schneider, 2002. "Hiding in the Shadows; The Growth of the Underground Economy," IMF Economic Issues 30, International Monetary Fund.
    8. Franz, Alfred, 1985. "Estimates of the Hidden Economy in Austria on the Basis of Official Statistics," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 31(4), pages 325-336, December.
    9. Dominik H. Enste & Friedrich Schneider, 2000. "Shadow Economies: Size, Causes, and Consequences," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 77-114, March.
    10. Giles, David E A, 1999. "Measuring the Hidden Economy: Implications for Econometric Modelling," Economic Journal, Royal Economic Society, vol. 109(456), pages 370-380, June.
    11. Guerino Ardizzi & Carmelo Petraglia & Massimiliano Piacenza & Gilberto Turati, 2013. "L’economia non osservata fra evasione e crimine: una rivisitazione del Currency Demand Approach con una applicazione al contesto italiano," Rivista di Politica Economica, SIPI Spa, issue 1, pages 229-269, January-M.
    12. Phillip Cagan, 1958. "The Demand for Currency Relative to the Total Money Supply," Journal of Political Economy, University of Chicago Press, vol. 66, pages 303-303.
    13. Christopher Bajada & Friedrich Schneider, 2009. "Unemployment and the Shadow Economy in the oecd," Revue économique, Presses de Sciences-Po, vol. 60(5), pages 1033-1067.
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    Cited by:

    1. Piero Ferri, 2011. "Macroeconomics of Growth Cycles and Financial Instability," Books, Edward Elgar Publishing, number 14260, April.
    2. Piero Ferri, 2010. "Growth Cycles and the Financial Instability Hypothesis (FIH)," Chapters,in: The Elgar Companion to Hyman Minsky, chapter 11 Edward Elgar Publishing.

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