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Department of Economics, WU (Wirtschaftsuniversität Wien) Growth and Employment in Europe: Sustainability and Competitiveness, Department of Economics, WU (Wirtschaftsuniversität Wien)

No 49:
Dynamic Effects of Regulation and Deregulation in Goods and Labour Markets

Pasquale Commendatore () and Ingrid Kubin ()

Abstract: Modern macroeconomic models with a Keynesian flavour usually involve nominal rigidities in wages and goods prices. A typical model is static and combines wage bargaining in the labour markets and monopolistic competition in the goods markets. As central policy implication it follows that deregulating labour and/or goods markets increases equilibrium employment. We reassess the consequences of deregulation in a dynamic model. It still increases employment at the fixed point, which corresponds to the static equilibrium solution. However, deregulation may also lead to stability loss and endogenous fluctuations.

Keywords: Labour and goods markets deregulation, monopolistic competition, business cycles; (follow links to similar papers)

JEL-Codes: E1; (follow links to similar papers)

May 2005

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