Growth and Employment in Europe: Sustainability and Competitiveness, Department of Economics, WU (Wirtschaftsuniversität Wien)
The Slowdown of Accumulation and the Rise of European Unemployment
Abstract: The paper aims at testing empirically two Keynesian
hypotheses. First that increasing financial investment is one of the major
causes for the slowdown in capital accumulation and, second, that this
slowdown is one of major factors for rising unemployment rates. After
presenting evidence from the National Accounts for the rising importance of
dividend and interest income, econometric tests are performed for Germany,
France, UK and the USA, and for the employment regressions, additionally
for Italy. The choice of countries being determined by the interest in
European unemployment and limited data availability. Overall, the findings
are supportive of both hypotheses.
Keywords: European Unemployment; Keynesian theory; capital accumulation; (follow links to similar papers)
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