A Macroeconomic Model of West German Unemployment: Theory by Michael Reutter

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By Michael Reutter

This e-book was once authorized in 1999 as doctoral thesis (Dr. oec. publ. ) by means of the college of economics of the Ludwig-Maximilians-Universitat in Munich. It gained the dissertation expense of the Alumni-Club of the economics school within the educational yr 2000. monetary counsel by means of the German study Asso­ ciation (DFG) for printing bills is gratefully said. i must thank the folk in the back of the B\'IF,X-project, particularly Donald Knuth and Leslie Lamport, for his or her exceptional typesetting application. The supervisors of my thesis have been Prof. Dr. G. Flaig and Prof. Dr. D. Marin. i want thank either for his or her thorough studying of the e-book and their rules and significant comments. lowe a lot gratitude to my educational instructor Prof. Dr. G. Flaig for lots of insightful conversations approximately glossy time sequence econometrics, asymptotic thought and knowledge difficulties. His empha­ sis on transparent thought mixed with sound econometric equipment shaped my own perfect of the way to do utilized economics. After he left the collage in 1998I had the chance to proceed my paintings on the heart for fiscal reports. Prof. Dr. H. -W. Sinn and my new colleaguesat CES supplied a stim­ ulating setting for the final touch of my dissertation. ultimately, i need to thank my mom and dad, my sister and my neighbors for being there and sharing my cheers and concerns. Munich, October 2000 Michael Reutter Our major problem in philosophy and in technology may be the quest fortruth. Justification isn't an objective; and brilliance and cleverness as such are boring.

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Extra info for A Macroeconomic Model of West German Unemployment: Theory and Evidence

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These results suggest that the robustness of the bargaining model is not only called into question because of technological assumptions, 1 Of course, there are other ways to overcome at least the convexity restriction (Conley and Wilkie, 1996). 34 4. The Bargaining Solution as argued by Manning (1994), but also because the bargaining solution that is employed could be the wrong one. 2 derives the allocation set in the right-to-manage model and discusses the significance of the possible nonconvexity.

This property has been tested in several studies (for a survey see Roth and Malouf, 1979), a classic example being the study by Nydegger and Owen (1975). The players in the study had to divide a bunch of chips between them that could be exchanged in money after the bargain at certain given rates. A redistribution of th e money after the bargain was not possible. This is the same situation as one often finds in the union-firm bargain when the bargain is on a level higher than the firm level. g. lower wages to give more of the cake to the firm and then redistribute through another channel.

This is the contract curve. Which point on the contract curve is realized, however, is not predicted by the model. This unsatisfactory state of the theory was resolved by the advent of formal bargaining theory in the early fifties. Until the contributions of Nash (1950, 1953) the only available formal bargaining model was that of Zeuthen (1930). Surprisingly, the model found little response in the literature until the fifties, as noted by Pen (1959). Pen seems to be the first labour economist who fully appreciated the contribution of Zeuthen in the 1950 Dutch edition of his monograph.

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