Stock Prices and Employment

H. Sonmez Atesoglu

Journal of Post Keynesian Economics, 2002, vol. 24, issue 3, 493-498

Abstract: In this article, effects of stock price developments on employment are examined. For this purpose, the reduced-form equation of the Keynes-Weintraub-Davidson model for employment is augmented with stock prices. Estimation of the reduced-form equation, employing cointegration methodology and quarterly data for the 1991: 1–2000:4 period, reveals that while stock prices have a positive effect on employment, this effect is marginal compared to that of autonomous expenditures in wage units in determining the path of employment.

Date: 2002
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DOI: 10.1080/01603477.2002.11490338

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