Comment on 'labor market institutions, liquidity constraints, and macroeconomic stability' by Frank R. Lichtenberg

Article Abstract:

Frank R. Lichtenberg's paper on the relationship between labor market institutions, liquidity constraints and macroeconomic stability has certain flaws despite the fact that it is well written and deals with a very interesting subject. One of its major shortcomings is that the hypotheses presented are based on the empirically supported proposition that labor income coefficient in the aggregate consumption function is higher than the capital income coefficient. The second criticism is that the paper does not give enough attention on the exogenous nature of non-consumption expenditure.

Labor market, Liquidity (Finance), Macroeconomics, Economic stabilization

---

Habits, hysteresis and catastrophes in labor supply

Article Abstract:

An analysis of the labor supply impact of habits, hysteresis and catastrophes is presented. The analysis focuses on a general model of locally unstable habit formation given factors of consumption, household time and corporate time. It is shown that the model implies multiple long-range equilibria with rationings and the wage rate as determinants of hysteresis and catastrophes. These variables provide a basis for labor supply choices and behavior.

Research, Catastrophes (Mathematics), Habit, Habits (Human behavior)

---

Unstable bandwagon and habit effects on labor supply

Article Abstract:

Collective transitions and hysteresis are important in the long-term developments of the labor force participation of married women in the Netherlands, USA and other Organization for Economic Development (OECD) countries. A remarkable number of trendsetters who will use the product may attract other group members who will follow in a collective bandwagon transition, leaving others behind.

Labor Relations, Labor economics

Similar abstracts:

• Abstracts: Experimentation, imitation, and stochastic stability: addendum. A comment on 'A General Model of Information Sharing in Oligopoly.'
• Abstracts: On the Keynesian notion of equilibrium and dynamics. Capital, distribution and macroeconomics: 'core' beliefs and theoretical foundations
• Abstracts: A signaling explanation for charity. Politics and the choice of durability: comment. Politics and the choice of durability: reply
• Abstracts: Altruism, the Samaritan's dilemma, and government transfer policy. Anti discrimination enforcement and the problem of patronization
• Abstracts: International competition and real wages. Economic growth: how good can it get? Portfolio choices of parents and their children as young adults: asset accumulation by African-American families

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.