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Why Long-Run Unemployment Rates Differ between Countries

In: Unemployment

Author

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  • Wilhelm Krelle

    (University of Bonn)

Abstract

A growth model of international trade (including money and bonds and assuming flexible exchange rates) has been constructed and analyzed. The results are that there is tendency to equalize the real growth rates of all countries. But growth rates per head and real productive capital will remain different in the different countries, The same is true for rates of inflation, rates of interest and rates of employment. There will be a “natural rate of unemployment” for each country. The determinants of these rates are analyzed.

Suggested Citation

  • Wilhelm Krelle, 1981. "Why Long-Run Unemployment Rates Differ between Countries," Palgrave Macmillan Books, in: Lars Matthiessen & Steinar Strøm (ed.), Unemployment, pages 112-124, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05966-9_8
    DOI: 10.1007/978-1-349-05966-9_8
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