Schumpeterian Restructuring

Arbeitspapier

We develop a Shumpeterian theory of business cycles that relates job creation, job destruction and wages over the cycle to the processes of firm restructuring, innovation and implementation that drive long-run growth. Due to incentive problems, production workers are employed via relational contracts and experience involuntary unemployment. Job destruction and firm turnover are counter-cyclical, but labour productivity growth and job creation are pro-cyclical. Endogenous fluctuations in job creation on the intensive margin are the dominant source of changes in employment growth. Our framework also highlights the counter-cyclical forces on wages due to restructuring, and illustrates the relationship between the cyclicality of wages and long-run productivity growth. 052

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Queen's Economics Department Working Paper ; No. 1039

Klassifikation und Themen

• Klassifikation: Wirtschaft
• Thema: Intrinsic business cycles ; job creation and destruction ; innovation ; wage cyclicality

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Francois, Patrick ; Lloyd-Ellis, Huw
• Ereignis: Veröffentlichung
• (wer): Queen's University, Department of Economics
• (wo): Kingston (Ontario)
• (wann): 2005

Weitere Informationen

• Handle: http://hdl.handle.net/10419/189320
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ