Artikel
Production Constraints and the NAIRU
This paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital constraints and labour constraints. It notes the failure to incorporate this phenomenon in standard macro models. Using panel data for UK manufacturing over 80 quarters we show that capital constraints became relatively more important during the 1980s as industry failed to match the increase in labour flexibility with rising capital investment.
- Language
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Englisch
- Bibliographic citation
-
Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 2 ; Year: 2008 ; Issue: 2008-11 ; Pages: 1-15 ; Kiel: Kiel Institute for the World Economy (IfW)
- Classification
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Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
Investment; Capital; Intangible Capital; Capacity
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- Subject
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Capital
labour
constraints
NAIRU
panel data
structural breaks
Natürliche Arbeitslosigkeit
Kapitalproduktivität
Arbeitsproduktivität
Panel
Strukturbruch
Verarbeitendes Gewerbe
Großbritannien
- Event
-
Geistige Schöpfung
- (who)
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Hall, Stephen G.
Driver, Ciaran F.
- Event
-
Veröffentlichung
- (who)
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Kiel Institute for the World Economy (IfW)
- (where)
-
Kiel
- (when)
-
2008
- DOI
-
doi:10.5018/economics-ejournal.ja.2008-11
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Hall, Stephen G.
- Driver, Ciaran F.
- Kiel Institute for the World Economy (IfW)
Time of origin
- 2008
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