Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/20362 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 1127
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and balanced budget rules cause a complementarity between capital and employment capable of explaining the existence of multiple equilibrium paths. Hysteresis is viewed as the result of a selection between these different equilibrium paths. We use this model to argue that, in contrast to the US, those fiscal policies followed by most of the European countries after the shocks of the 1970?s may have played a central role in generating hysteresis.
Schlagwörter: 
unemployment
hysteresis
multiple equilibria
economic growth
fiscal policy
JEL: 
E62
E24
O41
Dokumentart: 
Working Paper

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