Understanding Unemployment Dynamics in the Transition. The Role of Aggregate Demand and Investment

Claudio De Vincenti and Marcella Mulino ()

Rivista italiana degli economisti, 1997, issue 1, 91-120

Abstract: This paper proposes a theoretical two-sectors growth model for an economy in transition. The model stresses that long term output and employment dynamics as well as the actual transition pace are affected by demand-side factors and their interaction with supply-side factors. It derives a set of feasible dynamic equilibrium paths, that is several steady-state equilibrium values for the unemployment rate. The paper shows the key role of the demand management policy in selecting the actual growth path and transition pace.

Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:mul:jqat1f:doi:10.1427/3612:y:1997:i:1:p:91-120

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