Nonconvex adjustment costs, hysteresis, and the macrodynamics of employment

• Tipo: Artigo em Revista Científica Internacional
• Data: 2012

Autores

mota, pr (Autor) FEP; vasconcelos, pb (Autor) FEP

Revista

Título: Journal of Post Keynesian Economics

Vol. 35 Nº 1

Páginas: 93-112

ISSN: 0160-3477

Editora: Taylor & Francis

Indexação

ISI Web of Knowledge - 13 Citações

ISI Web of Science

Scopus - 12 Citações

Classificação Científica

FOS: Ciências sociais > Economia e gestão

CORDIS: Ciências Sociais

Outras Informações

ID Authenticus: P-002-5ND

DOI: 10.2753/pke0160-3477350106

Abstract (EN): This study provides new evidence on the effects of nonconvex employment adjustment costs at the aggregate level. Using the Preisach model of hysteresis, we find that hysteresis commonly found at the firm level due to nonconvex adjustment costs do not completely vanish at the macro level. Hysteresis signs are particularly present in small firms and less so in large ones. The consequence is that the equilibrium state of employment, instead of being unique, becomes path dependent, that is, determined by the history of previous adjustments. The key implication is that macroeconomic policies designed to stimulate the economy may have long-run effects.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 20