From Wage Rigidities to Labour Market Rigidities: A Turning-Point in Explaining Equilibrium Unemployment?
Marco Guerrazzi; Nicola Meccheri;
Subject: Labour Market Rigidities, Nominal and Real Wages, Unemployment, Search Theory.
jel: jel:E24 | jel:E12
This paper offers a critical discussion of the concept of labour market rigidity relevant to explaining unemployment. Starting from Keynes’s own view, we discuss how the concept of labour market flexibility has changed over time, involving nominal or real wage flexibili... View more
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