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From Wage Rigidities to Labour Market Rigidities: A Turning-Point in Explaining Equilibrium Unemployment?

Author

Listed:
  • Marco Guerrazzi
  • Nicola Meccheri

Abstract

This paper offers a critical discussion of the concept of labour market rigidity relevant to explaining unemployment. Starting from Keynes's own view, we discuss how the concept of labour market flexibility has changed over time, involving nominal or real wage flexibility, contract flexibility or labour market institution flexibility. We also provide a critical assessment of the factors that lead the search framework highlighting labour market rigidities (frictions) to challenge the more widespread explanation of equilibrium unemployment grounded on wage rigidity.

Suggested Citation

  • Marco Guerrazzi & Nicola Meccheri, 2009. "From Wage Rigidities to Labour Market Rigidities: A Turning-Point in Explaining Equilibrium Unemployment?," Discussion Papers 2009/94, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    • Handle: RePEc:pie:dsedps:2009/94
    Note: ISSN 2039-1854
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    File URL: https://www.ec.unipi.it/documents/Ricerca/papers/2009-94.pdf
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    Citations

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    Cited by:

    1. Mirela Ionela Aceleanu & Andreea Claudia Serban & Cristina Burghelea, 2015. "“Greening” the Youth Employment—A Chance for Sustainable Development," Sustainability, MDPI, vol. 7(3), pages 1-21, March.
    2. Lorenzo Corsini & Pier Mario Pacini & Luca Spataro, 2010. "Workers' Choice on Pension Schemes: an Assessment of the Italian TFR Reform Through Theory and Simulations," Discussion Papers 2010/96, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

    More about this item

    Keywords

    Labour Market Rigidities; Nominal and Real Wages; Unemployment; Search Theory.;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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