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Flexibility, investment, and growth / Giuseppe Bertola.
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Flexibility, investment, and growth / Giuseppe Bertola.
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Title
Flexibility
,
investment
, and
growth
/
Giuseppe
Bertola
.
Creator 1
Bertola, Giuseppe.
Corporate Author
Federal Reserve Bank of Minneapolis. Research Department.
Subject 1
Employment
(Economic
theory)
.
Subject 2
Endogenous
growth
(Economics)
.
Subject 1 (JEL)
E24
-
Employment
;
Unemployment
;
Wages
;
Intergenerational
Income
Distribution
;
Aggregate
Human
Capital
Subject 2 (JEL)
E25
-
Aggregate
Factor
Income
Distribution
Subject 3 (JEL)
O41
-
One
,
Two
, and
Multisector
Growth
Models
Abstract
This
paper
proposes
a
model
of
diversifiable
uncertainty
,
irreversible
investment
decisions
, and
endogenous
growth
. The
detailed
microeconomic
structure
of the
model
makes
it
possible
to
study
the.
general
equilibrium
effects
of
obstacles
to
labor
mobility
,
due
to
institutional
as
well
as
technological
features
of the
economy
.
Labor
mobility
costs
reduce
private
returns
to
investment
, and the
resulting
slower
rate
of
endogenous
growth
unambiguously
lowers
a
representative
individual's
welfare
.
Turnover
costs
can
have
positive
effects
on
full
employment
equilibrium
wages
when
all
external
effects
are
disregarded
: this
may
help
explain
why
policy
and
institutions
often
tend
to
decrease
labor
mobility
in
reality
,
rather
than to
enhance
it
.
Lower
flexibility
,
however
,
reduces
the
growth
rate
of
wages
in
endogenous
growth
equilibrium
, with
negative
welfare
effects
even
for
agents
who
own
only
labor
.
Date-Created
1991-01
Date-Digital
2011-03-28
Identifier
19910100fedmegad1991gb
Conference
Economic growth and development
Format
PDF
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