登入選單

返回Google圖書搜尋

Trends in European Labour Markets and Preferences Over Unemployment and Inflation

David Blanchflower

出版	SSRN, 2007
URL	http://books.google.com.hk/books?id=MHzczwEACAAJ&hl=&source=gbs_api

註釋

In this speech, Professor David Blanchflower, member of the Monetary Policy Committee (MPC), examines the extent to which differing labour market institutions can provide an explanation of variations in unemployment rates across Europe over the past 50 years. He finds little evidence in the data to support this line of argument; rather he observes that poor labour market performance is due to rigidities in product, capital and housing markets. Turning to wages, he discovers that while there is little empirical evidence to support the existence of a stable Phillips curve across countries or time, there is considerable stability in the impact of unemployment on wages across countries, as described by the wage curve. Finally, using happiness equations, he measures the marginal rate of substitution between unemployment and inflation, discovering that in aggregate, society prefers a reduction in unemployment over a reduction in inflation.