A simple model of hysteresis in employment under exchange rate uncertainty

被引：30

作者：

Belke, A

Göcke, M

机构：

[1] Ruhr Univ Bochum, D-4630 Bochum, Germany

[2] Univ Munster, D-4400 Munster, Germany

来源：

SCOTTISH JOURNAL OF POLITICAL ECONOMY | 1999年 / 46卷 / 03期

关键词：

D O I：

10.1111/1467-9485.00132

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A model leading to employment hysteresis due to sunk hiring- and firing-costs is proposed. A potential mechanism based on a band of inaction that could account for a 'weaker' relationship between employment and its determinants is augmented by exchange rate uncertainty. As a result of option value effects the band of inaction is widened. Thus, the hysteresis effects are strongly amplified by exchange rate uncertainty (as numerical examples demonstrate). Non-linearities in the employment-relation are implied, i.e. 'spurts' in new employment or firing may occur after an initially weak response to a reversal of the exchange rate.

引用

页码：260 / 286

页数：27

共 49 条

[1]

Akhtar M.A., 1984, Federal Reserve Bank of New York Quarterly Review, V9, P7

[2] STRONG HYSTERESIS VERSUS ZERO-ROOT DYNAMICS [J].