https://hdl.handle.net/10419/203 2026-10-23T10:56:48Z https://hdl.handle.net/10419/213283 Title: Equilibrium and convergence in personal income distribution? How European countries performed during a phase of huge economic turbulence (2004-2017) Authors: Guo, Yanling; Sell, Friedrich L. Abstract: The authors set up a political economy equilibrium framework for personal income distribution. Located in status theory, their concept is able to explain what justifies a certain or optimal degree of inequality in the society. The authors present an empirical analysis of personal income distribution in 23 European countries. The time period covers the years before, during and after the great recession (2004-2017). Linear regressions, which make use of ex-post Gini coefficients, show that the hypothesis of the existence of an equilibrium value for the Gini-coefficient can be weakly confirmed, after controlling for a possible impact from the great recession as well as from EU membership. 2020-01-01T00:00:00Z https://hdl.handle.net/10419/194290 Title: Distributional effects of minimum wages: Can unions expect a double dividend? A theoretical exercise from a supply-side view Authors: Öllinger, Michael; Ostermair, Christoph; Sell, Friedrich L. Abstract: In this short communication, it is recalled that unions traditionally follow a policy of pushing higher average wages and at the same time propose a compression of the structure of wages and salaries, which follows the theory of some sort of equity. Considering a steep downfall of union density in many, if not all, OECD countries, the actual good condition for minimum wage policy comes as no surprise. Despite the fact that unions do not like the intervention of labor market policy at the cost of tariff autonomy, it can be shown that minimum wages are capable of serving both the above-discussed objectives of unions, but only the average wage rate cannot be increased. In addition, the distribution of wages will decrease, ceteris paribus. However, it is not clear whether minimum wages will be able to increase the overall wage quota in the economy. Here, this fact is theoretically explored in depth. 2019-01-01T00:00:00Z https://hdl.handle.net/10419/191814 Title: Innovationen, Imitationen und Differenzgewinne: Die Barone-Kurve im Kontext wirtschaftlicher Entwicklung Authors: Sell, Friedrich L. 2019-01-01T00:00:00Z https://hdl.handle.net/10419/190987 Title: "Mismatch" in the labor market and inflation: An integrative model with lessons from the Spanish experience Authors: Pérez Trujillo, Manuel; Ruesga Benito, Santos; Sell, Friedrich L. Abstract: The Great Recession (2009/10) resulted in the need of different economic policies and structural reforms to boost economic growth both in the advanced and in the emerging economies. In this paper, we start from a theoretical concept that is relatively new - the modified output gap (MOG), based on both the Phillips and the Beveridge curve, initially introduced by Sell and Reinisch (2013) and Sell (2016), revealing the explicit positive relationship between the vacancy ratio on the one hand and the inflation rate on the other hand. Empirically, we estimate this relationship by developing three different panel data models: Fixed Effects (FE), Random Effects (RE) and a GMM System (Generalized Method of Moments). The obtained results show that the loss in the efficiency of matching in the labor market combined with an increase in the demand in the markets for goods and services will push up inflation. We show the empirical relevance of the modified output gap for Spain during the Great Recession and explain how it affected the implementation of the economic stimulus plan that was introduced by the then socialist government in Spain with the aim of boosting the economy. 2018-01-01T00:00:00Z