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    The Modigliani 'puzzle'

    Herbertsson, T.T. and Zoega, Gylfi (2002) The Modigliani 'puzzle'. Economics Letters 76 (3), pp. 437-442. ISSN 0165-1765.

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    We find a surprisingly robust medium- to long-run relationship between investment and unemployment, both over time as well as across countries. These findings provide empirical support for models of the natural rate of unemployment that treat labour as a (quasi) fixed asset.


    Item Type: Article
    School: Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
    Depositing User: Sarah Hall
    Date Deposited: 08 Dec 2020 14:08
    Last Modified: 02 Aug 2023 18:06


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