Employment and unemployment in Germany: Some results from a macroeconomic disequilibrium model

Werner Smolny

No 247, Discussion Papers, Series II from University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy"

Abstract: In the paper, some empirical results from a macroeconometric disequilibrium model for the Federal Republic of Germany are reported. In the theoretical model, a delayed adjustment of employment and investment is analyzed. Market disequilibrium is introduced by allowing for a sluggish adjustment of wages and prices. The estimation results reveal the importance of the slow adjustment of prices and quantities for the employment Situation in Germany. The slow adjustment of employment and the capital stock contributed to the persistence of unemployment in the second half of the eighties.

Keywords: (un)-employment; macroeconometric disequilibrium model (search for similar items in EconPapers)
JEL-codes: E24 E32 (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:kondp2:247

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