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- Lindbeck, Assar, et al.
(författare)
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Price Inertia and Production Lags
- 1991
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper shows how prolonged price inertia can arise in a macroeconomic system in which there are temporary price rigidities as well as production lags in the use of intermediate goods. In this context, changes in product demand - generated, say, by changes in the money supply - have long-lasting price and quantity effects. Specifically, a temporary demand shift generates "persistence" in price-quantity decision, in the sense that the price-quantity effects of this shift persist for long after the shift has dosappeared. A permanent demand shift generates "sluggishness" in price-quantity decisions, in the sense that the full price effects of the shift take a long time to appear and that meanwhile quantity effects are present.
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- Lindbeck, Assar, et al.
(författare)
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Segmented Labor Markets and Unemployment
- 1990
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper suggests various alternatives to the Harris-Todaro theory in explaining unemployment in segmented labor markets. We focus on a labor market with a perfectly competitive secondary sector and an imperfectly competitive primary sector, the latter combining salient features of the efficiency wage, insider-outsider, and bargaining theories of employment and wage formation. Unemployment and labor market segmentation are explained with reference to heterogeneous preferences, productivities, and endowments amond workers. The responsiveness of unemployment to external shocks is shown to depend crucially on whether the above heterogeneities are exogenously given or whether they are endogenously generated through workers' employment histories.
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