@techreport{ee925a27f18e4998b92a054de3885600,
title = "Unemployment, capital accumulation and labour market institutions in the Great Recession",
abstract = "The paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run the NAIRU will be endogenous because of the social norm character of wage setting and the supply-side effects of capital accumulation. Capital investment rather than labour market institutions is the crucial variable that explains changes in unemployment performance. We provide econometric evidence that the post-Keynesian view holds up well in the recession following the crisis 2008.",
keywords = "Economics and econometrics",
author = "Karsten Kohler and Engelbert Stockhammer and Alexander Guschanski",
year = "2014",
language = "English",
series = "Working Papers",
publisher = "Post-Keynesian Economics Study Group",
number = "PKWP1411",
type = "WorkingPaper",
institution = "Post-Keynesian Economics Study Group",
}