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dc.contributor.authorStockhammer, Engelberten_US
dc.contributor.authorKlär, Eriken_US
dc.date.accessioned2008-12-03en_US
dc.date.accessioned2009-08-06T13:20:34Z-
dc.date.available2009-08-06T13:20:34Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27357-
dc.description.abstractAccording to the mainstream view, labour market institutions (LMI) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour market institutions, however, has been called into question recently (Baker et al 2005, Baccaro and Rei 2007). The Keynesian view holds periods of high real interest rates and insufficient capital accumulation responsible for unemployment (Arestis et al 2007). Empirical work in this tradition has paid little attention to role of LMI. This paper contributes to the debate by highlighting the role of autonomous changes in capital accumulation as a macroeconomic shock. In the empirical analysis, medium-term unemployment is explained by capital accumulation, labour market institutions and a number of macroeconomic shocks in a panel analysis covering 20 OECD countries. The economic effects of institutional changes, variations in capital accumulation and other macro shocks are compared. Capital accumulation and the real interest rate are found to have statistically significant effects that are robust to the inclusion of control variables and show larger effects than LMI.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDiscussion papers // German Institute for Economic Research 834en_US
dc.subject.jelE12en_US
dc.subject.jelE20en_US
dc.subject.jelE24en_US
dc.subject.jelE60en_US
dc.subject.ddc330en_US
dc.subject.keywordUnemploymenten_US
dc.subject.keywordNAIRUen_US
dc.subject.keywordcapital accumulationen_US
dc.subject.keywordlabour market institutionsen_US
dc.subject.keywordKeynesian economicsen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwNatürliche Arbeitslosigkeiten_US
dc.subject.stwInvestitionen_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwSchocken_US
dc.subject.stwArbeitsmarktflexibilisierungen_US
dc.subject.stwOECD-Staatenen_US
dc.titleCapital accumulation, labour market institutions, and unemployment in the medium runen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587119535en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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