Abstract
Since the mid-seventies the labour market of the Federal Republic of Germany is marked by persistently high unemployment. Macroeconomically, the most prominent candidates competing for the explanation of unemployment are insufficient demand for domestic goods (Keynesian unemployment) and too high wage costs (classical unemployment). The significance of these two approaches can be tested with econometric disequilibrium models.
This paper was prepared within the project ‘Macroeconomic Simulation’ of the Sonderforschungsbercich 3 ‘Microanalytical Foundations of Social Policy’. I would like to thank the German Science Foundation (DFG) for financial support.
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References
Hansen, H.-J., 1991, Keynesianische oder Klassische Arbeitslosigkeit in der Bundesrepublik Deutschland — Empirische Analysen mit einem ökonometrischen Ungleichgewichtsmodell (Schulz-Kirchner, Idstein).
Sneessens, H.R. and J.H. Drèze, 1986, A Discussion of Belgian Unemployment, Combining Traditional Concepts and Disequilibrium Econometrics, Economica 53, S89–S119.
Lambert, J.-P. and B. Mulkay, 1987, Investment in a Disequilibrium Context or Does Profitability Really Matter? (Working Paper No. 8701, Cahier du Cerec, Bruxelles).
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© 1991 Springer-Verlag Berlin Heidelberg
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Hansen, HJ. (1991). Keynesian or Classical Unemployment in West Germany? — An Empirical Analysis with a Disequilibrium Model —. In: Gruber, J. (eds) Econometric Decision Models. Lecture Notes in Economics and Mathematical Systems, vol 366. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51675-7_37
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