{"id":70511,"date":"2023-12-02T07:40:25","date_gmt":"2023-12-02T06:40:25","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-2\/"},"modified":"2025-10-22T22:26:36","modified_gmt":"2025-10-22T20:26:36","slug":"labour-markets-in-a-post-keynesian-growth-model-the-effects-of-endogenous-productivity-growth-and-working-time-reduction-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/","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-70511","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The paper studies endogenous employment and distribution dynamics in a Post-Keynesian growth model of the Kalecki\u2013Steindl 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 a struggle over income shares and thereby keeps wage demands in check. Labour market dynamics follow from separate wage and price curves. The authors discuss stability conditions and the equilibrium dynamics and investigate how legal working time and its reduction affect this equilibrium.","onlinedate":"2022-07-01 02:00:00","lang":"English","publication_series":"","publication_date":"20220701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Post-Keynesian economics\",\"Productivity\",\"Technological change\",\"Income distribution\",\"Employment\",\"Economic growth\",\"Working time\"]","jelcodes":"[\"D33\",\"E12\",\"E24\",\"O40\"]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/doi.org\/10.4337\/roke.2022.03.04","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"10","monthly_report_pages":"355-381","monthly_report_pages_sort":"355","issue":"3","journal":"Review of Keynesian Economics","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[3567,11603],"persons_data":"[{\"personId\":3567,\"personName\":\"Stefan Ederer\",\"organisationNames\":[]},{\"personId\":11603,\"personName\":\"Armon Rezai\",\"organisationNames\":[\"WU Vienna\"]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","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 v26.5 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-22T20:26:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/\",\"url\":\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/\",\"name\":\"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction - WIFO\",\"isPartOf\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#website\"},\"datePublished\":\"2023-12-02T06:40:25+00:00\",\"dateModified\":\"2025-10-22T20:26:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\/\/www.wifo.ac.at\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#website\",\"url\":\"https:\/\/www.wifo.ac.at\/en\/\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#organization\"},\"alternateName\":\"WIFO\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#organization\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"alternateName\":\"WIFO\",\"url\":\"https:\/\/www.wifo.ac.at\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg\",\"contentUrl\":\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg\",\"width\":2000,\"height\":429,\"caption\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\"},\"image\":{\"@id\":\"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/WIFOat\/\",\"https:\/\/x.com\/WIFOat\",\"https:\/\/linkedin.com\/company\/wifoat\/\",\"https:\/\/www.youtube.com\/@WIFO_at\"],\"description\":\"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.\",\"email\":\"office@wifo.ac.at\",\"telephone\":\"+43 1 798 26 01 \u2013 0\",\"legalName\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"foundingDate\":\"1927-01-02\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"},\"publishingPrinciples\":\"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/\",\"ownershipFundingInfo\":\"https:\/\/www.wifo.ac.at\/institut\/organisation\/\",\"actionableFeedbackPolicy\":\"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/\",\"correctionsPolicy\":\"https:\/\/www.wifo.ac.at\/institut\/kontakt\/\",\"ethicsPolicy\":\"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/\",\"diversityPolicy\":\"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/\",\"diversityStaffingReport\":\"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction - WIFO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/","og_locale":"en_US","og_type":"article","og_title":"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction","og_url":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/","og_site_name":"WIFO","article_publisher":"https:\/\/www.facebook.com\/WIFOat\/","article_modified_time":"2025-10-22T20:26:36+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@WIFOat","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/","url":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/","name":"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction - WIFO","isPartOf":{"@id":"https:\/\/www.wifo.ac.at\/en\/#website"},"datePublished":"2023-12-02T06:40:25+00:00","dateModified":"2025-10-22T20:26:36+00:00","breadcrumb":{"@id":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wifo.ac.at\/en\/publication\/70511\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/70511\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.wifo.ac.at\/en\/"},{"@type":"ListItem","position":2,"name":"Labour Markets in a Post-Keynesian Growth Model: the Effects of Endogenous Productivity Growth and Working-time Reduction"}]},{"@type":"WebSite","@id":"https:\/\/www.wifo.ac.at\/en\/#website","url":"https:\/\/www.wifo.ac.at\/en\/","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","description":"","publisher":{"@id":"https:\/\/www.wifo.ac.at\/en\/#organization"},"alternateName":"WIFO","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wifo.ac.at\/en\/#organization","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","alternateName":"WIFO","url":"https:\/\/www.wifo.ac.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","contentUrl":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","width":2000,"height":429,"caption":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung"},"image":{"@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WIFOat\/","https:\/\/x.com\/WIFOat","https:\/\/linkedin.com\/company\/wifoat\/","https:\/\/www.youtube.com\/@WIFO_at"],"description":"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.","email":"office@wifo.ac.at","telephone":"+43 1 798 26 01 \u2013 0","legalName":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","foundingDate":"1927-01-02","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"51","maxValue":"200"},"publishingPrinciples":"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/","ownershipFundingInfo":"https:\/\/www.wifo.ac.at\/institut\/organisation\/","actionableFeedbackPolicy":"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/","correctionsPolicy":"https:\/\/www.wifo.ac.at\/institut\/kontakt\/","ethicsPolicy":"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/","diversityPolicy":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/","diversityStaffingReport":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/70511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/types\/publication"}],"version-history":[{"count":1,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/70511\/revisions"}],"predecessor-version":[{"id":433497,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/70511\/revisions\/433497"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/external_person\/11603"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/person\/3567"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/research_group\/3500"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication_type\/83083"}],"wp:attachment":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/media?parent=70511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}