Why Long-Run Unemployment Rates Differ between Countries

Wilhelm Krelle
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Wilhelm Krelle: University of Bonn

A chapter in Unemployment, 1981, pp 112-124 from Palgrave Macmillan

Abstract: Abstract A growth model of international trade (including money and bonds and assuming flexible exchange rates) has been constructed and analyzed. The results are that there is tendency to equalize the real growth rates of all countries. But growth rates per head and real productive capital will remain different in the different countries, The same is true for rates of inflation, rates of interest and rates of employment. There will be a “natural rate of unemployment” for each country. The determinants of these rates are analyzed.

Keywords: Interest Rate; Labor Supply; Labor Productivity; Real Wage; Labor Demand (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05966-9_8

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DOI: 10.1007/978-1-349-05966-9_8

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