Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211975 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 7/2004
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We ask which part of the observed cross-country differences in the level of per capita income can be accounted for by monopoly rights in the labour market.We answer this question in a calibrated growth model with two final goods sectors.The novel feature being that monopoly rights in the capital-producing sector shield insiders from competition by outsiders and permit coalitions of insiders to choose inefficient technologies or working practices. We find that monopoly rights can lead to quantitatively much larger reductions in the level of per capita income than previously demonstrated.This comes about because they do not only reduce TFP in capital-producing sector but also increase the relative price of capital.This reduces the capital-labour ratio in the whole economy.The implied predictions about the price of capital goods relative to consumption goods and the investment share in output are quantitatively consistent with the cross-country facts.
Schlagwörter: 
cross-country income differences
cross-country productivity differences
monopoly rights
relative price of capital
capital accumulation
JEL: 
E00
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
952-462-126-6
Dokumentart: 
Working Paper

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