کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
967020 | 1479282 | 2007 | 18 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Indeterminacy in a finance constrained unionized economy
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
We introduce labor unions and unemployment in a finance constrained monetary economy with heterogenous agents and productive labor externalities. We find that unions, introducing endogenous markup variability, influence the dynamics of the model. Although a lower bound for labor externalities is always required for indeterminacy, this lower bound decreases with union power when the elasticity of substitution between capital and labor is above one. For values of this elasticity below one, this result is reversed. We also show that Hopf bifurcations may occur as union bargaining power crosses a critical value. Finally, we find that unions increase simultaneously steady state employment, capital accumulation and welfare iff the (equilibrium) marginal productivity of labor is decreasing in employment.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 43, Issues 3â4, April 2007, Pages 347-364
Journal: Journal of Mathematical Economics - Volume 43, Issues 3â4, April 2007, Pages 347-364
نویسندگان
Teresa Lloyd-Braga, Leonor Modesto,