{"id":54315,"date":"2023-12-01T18:20:06","date_gmt":"2023-12-01T17:20:06","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/labour-markets-in-a-post-keynesian-growth-model-the-effects-of-endogenous-productivity-growth-and-working-time-reduction\/"},"modified":"2024-11-14T12:50:11","modified_gmt":"2024-11-14T11:50:11","slug":"labour-markets-in-a-post-keynesian-growth-model-the-effects-of-endogenous-productivity-growth-and-working-time-reduction","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/54315\/","title":{"rendered":"Labour Markets in a Post-Keynesian Growth Model. The Effects of Endogenous Productivity Growth and Working Time Reduction"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-54315","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We study endogenous employment and distribution dynamics in a Post-Keynesian model of Kalecki-Steindl tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income shares and thereby keep wage demands in check. We discuss stability conditions and the equilibrium dynamics. This allows us to study how legal working time and its reduction affect the equilibrium. We find that a demand shock is likely to lower the profit share and increase the employment rate. A supply shock in contrast tends to have detrimental effects on employment and income distribution. Labour market institutions and a working time reduction have no long-term effect on growth, distribution and inflation in the model. The effects on the level of capital stock and output however are positive in a wage-led demand regime. Furthermore, an erosion of labour market institutions dampens inflation temporarily. The model provides possible explanations as to the causes of several current economic phenomena such as secular stagnation, digitalisation, and the break-down of the Philips curve.","onlinedate":"2020-04-12 12:00:00","lang":"English","publication_series":"","publication_date":"20200401","publication_date_year":"","publication_date_full":false,"publication_num_pages":"31","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":413922,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"598","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2020-04-12 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[3567,11603],"persons_data":"[{\"personId\":3567,\"personName\":\"Stefan Ederer\",\"organisationNames\":[]},{\"personId\":11603,\"personName\":\"Armon Rezai\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Ederer, S.<\\\/span>, &amp; Rezai, A. (2020). <span>Labour Markets in a Post-Keynesian Growth Model. The Effects of Endogenous Productivity Growth and Working Time Reduction<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (598). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/65881\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/65881<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Ederer S<\\\/span>, Rezai A. <span class=\\\"title\\\"><span>Labour Markets in a Post-Keynesian Growth Model. The Effects of Endogenous Productivity Growth and Working Time Reduction<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2020 Apr;(598).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{295f2839dbe54abda2232718128030d2,<\\\/div><div>  title    = \\\"Labour Markets in a Post-Keynesian Growth Model. The Effects of Endogenous Productivity Growth and Working Time Reduction\\\",<\\\/div><div>  abstract = \\\"We study endogenous employment and distribution dynamics in a Post-Keynesian model of Kalecki-Steindl tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income shares and thereby keep wage demands in check. We discuss stability conditions and the equilibrium dynamics. This allows us to study how legal working time and its reduction affect the equilibrium. We find that a demand shock is likely to lower the profit share and increase the employment rate. A supply shock in contrast tends to have detrimental effects on employment and income distribution. Labour market institutions and a working time reduction have no long-term effect on growth, distribution and inflation in the model. The effects on the level of capital stock and output however are positive in a wage-led demand regime. Furthermore, an erosion of labour market institutions dampens inflation temporarily. The model provides possible explanations as to the causes of several current economic phenomena such as secular stagnation, digitalisation, and the break-down of the Philips curve.\\\",<\\\/div><div>  keywords = \\\"Post-Keynesian economics, productivity, technological change, income distribution, employment\\\",<\\\/div><div>  author   = \\\"Stefan Ederer and Armon Rezai\\\",<\\\/div><div>  note     = \\\"Labour Markets in a Post-Keynesian Growth Model\\\",<\\\/div><div>  year     = \\\"2020\\\",<\\\/div><div>  month    = apr,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Labour Markets in a Post-Keynesian Growth Model. The Effects of Endogenous Productivity Growth and Working Time Reduction<\\\/p><p>AU  - Ederer, Stefan<\\\/p><p>AU  - Rezai, Armon<\\\/p><p>N1  - Labour Markets in a Post-Keynesian Growth Model<\\\/p><p>PY  - 2020\\\/4<\\\/p><p>Y1  - 2020\\\/4<\\\/p><p>N2  - We study endogenous employment and distribution dynamics in a Post-Keynesian model of Kalecki-Steindl tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income shares and thereby keep wage demands in check. We discuss stability conditions and the equilibrium dynamics. This allows us to study how legal working time and its reduction affect the equilibrium. We find that a demand shock is likely to lower the profit share and increase the employment rate. A supply shock in contrast tends to have detrimental effects on employment and income distribution. Labour market institutions and a working time reduction have no long-term effect on growth, distribution and inflation in the model. The effects on the level of capital stock and output however are positive in a wage-led demand regime. Furthermore, an erosion of labour market institutions dampens inflation temporarily. The model provides possible explanations as to the causes of several current economic phenomena such as secular stagnation, digitalisation, and the break-down of the Philips curve.<\\\/p><p>AB  - We study endogenous employment and distribution dynamics in a Post-Keynesian model of Kalecki-Steindl tradition. Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in struggle over income shares and thereby keep wage demands in check. We discuss stability conditions and the equilibrium dynamics. This allows us to study how legal working time and its reduction affect the equilibrium. We find that a demand shock is likely to lower the profit share and increase the employment rate. A supply shock in contrast tends to have detrimental effects on employment and income distribution. Labour market institutions and a working time reduction have no long-term effect on growth, distribution and inflation in the model. The effects on the level of capital stock and output however are positive in a wage-led demand regime. Furthermore, an erosion of labour market institutions dampens inflation temporarily. The model provides possible explanations as to the causes of several current economic phenomena such as secular stagnation, digitalisation, and the break-down of the Philips curve.<\\\/p><p>KW  - Post-Keynesian economics<\\\/p><p>KW  -  productivity<\\\/p><p>KW  -  technological change<\\\/p><p>KW  -  income distribution<\\\/p><p>KW  -  employment<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Labour Markets in a Post-Keynesian Growth Model. 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