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A Macroeconomic Model of West German Unemployment: Theory by Michael Reutter

By Michael Reutter

This ebook used to be accredited in 1999 as doctoral thesis (Dr. oec. publ. ) through the college of economics of the Ludwig-Maximilians-Universitat in Munich. It gained the dissertation fee of the Alumni-Club of the economics school within the educational 12 months 2000. monetary counsel through the German examine Asso­ ciation (DFG) for printing charges is gratefully stated. i need to thank the folks in the back of the B\'IF,X-project, specifically Donald Knuth and Leslie Lamport, for his or her really good typesetting software. The supervisors of my thesis have been Prof. Dr. G. Flaig and Prof. Dr. D. Marin. i need thank either for his or her thorough interpreting of the publication and their principles and significant comments. lowe a lot gratitude to my educational instructor Prof. Dr. G. Flaig for plenty of insightful conversations approximately smooth time sequence econometrics, asymptotic thought and knowledge difficulties. His empha­ sis on transparent thought mixed with sound econometric equipment shaped my own excellent of the way to do utilized economics. After he left the college in 1998I had the chance to proceed my paintings on the middle for monetary reports. Prof. Dr. H. -W. Sinn and my new colleaguesat CES supplied a stim­ ulating surroundings for the finishing touch of my dissertation. ultimately, i would like to thank my mom and dad, my sister and my associates for being there and sharing my cheers and concerns. Munich, October 2000 Michael Reutter Our major main issue in philosophy and in technological know-how can be the quest fortruth. Justification isn't really an goal; and brilliance and cleverness as such are boring.

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Extra resources for A Macroeconomic Model of West German Unemployment: Theory and Evidence

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Wage bill maximization. This topic is still unresolved and will be discussed later. A major problem of the bilateral monopoly model has been indeterminacy. Generally, it is only possible to specify a range of outcomes that seem plausible, because they are Pareto efficient and individually rational, as discussed in Leontief (1946). This is the contract curve. Which point on the contract curve is realized, however, is not predicted by the model. This unsatisfactory state of the theory was resolved by the advent of formal bargaining theory in the early fifties.

This problem is mitigated when the PS is applied . Third, for standard utilities the comparative statics can be quite different when the PS is applied . The GNBS often leads to the result that productivity does not influence th e bargained wage. Therefore, th e model is seen as an explanation of the wage stickiness over the business cycle (McDonald and Solow, 1981). As is shown, the wage under the PS often depends on productivity. For special utilities, wages fully adapt to changes in productivity.

The efficiency wage that has emerged at the end of the year will determine the new contract wage. The change in actual wages that one observes in the quarters before the new wage agreement should therefore help in forecasting the change in contract wages in this regime . If, by contrast, the efficiency wage of the firms is well below the contract wage, this is not necessarily the case. The firms do not have an incentive to change wages and all shocks would only change employment as in the standard model with fixed wages.

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