Should We Wait to ‘Grow Out of’ Unemployment? The Implications of a Neoclassical Calibration Analysis

William Coleman ()

The Economic Record, 1998, vol. 74, issue 225, 162-169

Abstract: The paper uses a Solow‐Ramsey growth model to evaluate the effectiveness of growth as a remedy for unemployment in the face of a wage minimum. Plausible calibration of the model suggests that the elimination of 5 per cent unemployment by the process of capital accumulation may take about 20 years.

Date: 1998
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