Lohnzurückhaltung, Wechselkurs und Beschäftigung - unter besonderer Berücksichtigung des Kapitalmarktes und der Handelsstruktur

Maaß Henrich and Seil Friedrich L.
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Maaß Henrich: Dipl.-Volksw., Technische Universität Dresden Fak. WW/JWB Mommsenstr. 13, D - 01062 Dresden
Seil Friedrich L.: Universität der Bundeswehr München Volkswirtschaftslehre, insbesondere MakroÖkonomik und Wirtschaftspolitik Werner-Heisenberg-Weg 39, D - 85577 Neubiberg

Zeitschrift für Wirtschaftspolitik, 1998, vol. 47, issue 1, 78-108

Abstract: In this paper, a critical comparison is made of the arguments within the controversy over the effects of “wage restraint”. The arguments are discussed in the framework of a portfolio theoretical macroeconomic model. Thus, not only is the market for real capital considered, but the importance of intra- vs. interindustrial trade for the results is established. In principle, the optimistic predictions of the German Council of Economic Experts (“Sachverständigenrat”) are confirmed, although they have been generalized and linked to certain preconditions. Finally, there is a supplementary finding: Tobin’s q seems to be more than a match for all the other propositions (such as, “the ability to sell”, the real exchange rate on the basis of unit labour costs, etc.) as an indicator of the competitiveness of national economies.

Date: 1998
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DOI: 10.1515/zfwp-1998-0105

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