Labor-market adjustments and the persistence of unemployment
Article Abstract:
Competitive equilibrium theory's total market clearing assumption has been a problem in attempts to explain persistent unemployment, particularly in the case of the EC since the 1980s. Traditional approaches have integrated variables such as minimum wages, union power, normative traditions and efficiency-wage structures to explain persistence. Labor turnover models present an alternative view, where labor costs are associated with wages and the unemployment rate.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
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Toward a general theory of wage and price rigidities and economic fluctuations
Article Abstract:
A study was conducted to analyze the hypothesis that large economic fluctuations are the result of problems of adjustments to disturbances, particularly the adjustments of prices and wages. The premise that shocks lead to significant changes in relative prices because different prices are determined in different ways was examined. Results indicated that a dynamic portfolio theory of adjustment explains the slow speeds of adjustments and rigidities.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1999
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After the big bang? Obstacles to the emergence of the Rule of Law in post-communist societies
Article Abstract:
A study of transitional economies of the post-communist nations that emerged from the former Soviet bloc is presented. The problems in moving from planned to market economies are discussed.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 2004
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