Economic Development with Public Capital Accumulation: The Crucial Role of Wage Flexibility on Business Cycles
Economic Development with Public Capital Accumulation: The Crucial Role of Wage Flexibility on Business Cycles
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公共资本积累的经济发展：工资灵活性对商业周期的关键作用
DOI：
10.1016/j.econmod.2020.08.005
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发表时间：
2020
影响因子：
4.7
通讯作者：
Hiroki Murakami and Hiroaki Sasaki
中科院分区：
文献类型：
--
作者：
Du Wenti;Pentecost Eric J.;Mariko Nakagawa;有賀健高;Hiroki Murakami and Hiroaki Sasaki
本文的目的是研究工资弹性在公共资本积累条件下对经济发展的影响。为此，我们在一个具有公共资本的小型开放经济模型中考察了工资弹性的稳定力。然后，我们证明了工资弹性有利于经济稳定。特别地，我们发现工资弹性程度存在一个阈值，使得固定点是稳定的(分别是。不稳定)如果度数较大(分别为小于阈值，并且当度数足够接近阈值时，就会出现周期性波动。
The purpose of this paper is to study the effect of wage flexibility on economic development with public capital accumulation. For this purpose, we examine the stabilizing power of wage flexibility in a model of a small open economy with public capital. We then show that wage flexibility is conducive to economic stability. In particular, we find that there exists a threshold value in the degree of wage flexibility such that the stationary point is stable (resp. unstable) if the degree is greater (resp. less) than the threshold value, and that cyclical fluctuations arise when the degree is sufficiently close to the threshold value.