Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/4017 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Reihe Ökonomie / Economics Series No. 206
Verlag: 
Institute for Advanced Studies (IHS), Vienna
Zusammenfassung: 
Conventional wisdom suggests that nominal, demand-side shocks have only temporary effects on real macroeconomic magnitudes and that the duration of their effects depends on the degree of nominal inertia. It is also argued that, in the absence of unit roots, temporary supply-side shocks also have only temporary real affects and that the duration of these effects depends on the various sources of real inertia. Our analysis indicates that there is a potentially important interplay between real and nominal inertia in generating the persistent effects of real and nominal shocks. In this sense, then, Keynesian and supply-side economics are mutually interdependent. Our analysis has identified circumstances when real and nominal inertia are complementary in generating real and nominal persistence. Here, we argue, lies a potentially crucial, but as yet largely unexplored, set of determinants of the effectiveness of Keynesian and supply-side economic policies.
Schlagwörter: 
Unemployment; employment; wage setting; labour force participation; labour market dynamics; unemployment persistence
JEL: 
J64
J21
J68
J23
J31
Dokumentart: 
Working Paper

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