Read e-book online A Macroeconomic Model of West German Unemployment: Theory PDF

By Michael Reutter

ISBN-10: 3540412441

ISBN-13: 9783540412441

ISBN-10: 3642181597

ISBN-13: 9783642181597

This ebook used to be authorised in 1999 as doctoral thesis (Dr. oec. publ. ) by way of the college of economics of the Ludwig-Maximilians-Universitat in Munich. It received the dissertation expense of the Alumni-Club of the economics college within the educational 12 months 2000. monetary assistance through the German study Asso­ ciation (DFG) for printing expenses is gratefully stated. i must thank the folk at the back of the B\'IF,X-project, specifically Donald Knuth and Leslie Lamport, for his or her superb typesetting application. The supervisors of my thesis have been Prof. Dr. G. Flaig and Prof. Dr. D. Marin. i want thank either for his or her thorough examining of the booklet and their principles and significant feedback. lowe a lot gratitude to my educational instructor Prof. Dr. G. Flaig for lots of insightful conversations approximately sleek time sequence econometrics, asymptotic concept and information difficulties. His empha­ sis on transparent conception mixed with sound econometric equipment shaped my own perfect of ways to do utilized economics. After he left the collage in 1998I had the chance to proceed my paintings on the heart for financial reviews. Prof. Dr. H. -W. Sinn and my new colleaguesat CES supplied a stim­ ulating atmosphere for the final touch of my dissertation. eventually, i need to thank my mom and dad, my sister and my buddies for being there and sharing my cheers and concerns. Munich, October 2000 Michael Reutter Our major predicament in philosophy and in technological know-how will be the quest fortruth. Justification isn't an objective; and brilliance and cleverness as such are boring.

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Additional info for A Macroeconomic Model of West German Unemployment: Theory and Evidence

Sample text

Since this is a modification of the egalitarian solution, which is equivalent to the proportional solution for c = 1, it is necessary to rescale the utility of one party appropriately before applying the solution. The proportional solution can be rewritten as U(W, L(w, q, e(w,j)) , m) C1r W, q, e W,J A (. 10) and is therefore identical to the egalitarian solution for union utility U and firm utility if = C7r. This leads to the transformed allocation set S defined accordingly and its Pareto optimal subset given by P(S).

However, if the wage equation includes labour demand as an independent variable as well as all variables affecting labour demand, then the equation is clearly not identified, because none of the variables in the labour demand equation is excluded from the wage equation. A related identification problem is raised when the wage 30 3. " Under perfect competition the first order condition of a profit minimizing firm with Cobb-Douglas technology implies that average productivity is simply a multiple of real wages.

It can be calculated by maximizing the following weighted product with weights (I-X,X) : X E [0,1] . 7) The bargained wage is therefore given by 'Ill = argmax {} . 9) where eo« , f 1rw denote the (positive) elasticities of U,7l' with respect to w. 1 Bargaining Models 27 u ~mu o 1t Fig. 1. The bargaining problem where u is a subutility, the first order condit ion is t uw - (3t Lw I--Xt1l"W . 1. At this point th e value of the hyperbole defined for some fixed n = is maximized. 12) and the union does not accept any wage below r*.

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A Macroeconomic Model of West German Unemployment: Theory and Evidence by Michael Reutter

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