SHERP

The Relationship between Unemployment and Productivity in Korea

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Authors
Hahn, Jinsoo
Issue Date
1999
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 12 (No. 1 1999): 51-66
Keywords
demand shocks; zero slope; high eggragate demand
Abstract
The standard theory shows that, while demand shocks cause the long-run unemployment-productivity schedule to have a negative slope, supply shocks cause it to have a zero slope. This paper finds that low unemployment has largely been related to high labor productivity in Korea for the past two decades, creating a long-run negative relationship. Capital accumulation, better education, and high aggregate demand are cited as key factors of the inverse relationship. Empirical results show that about half of labor productivity growth is actually attributed to an increase in capital stock and that there is also a negative relationship between unemployment and the ratio of capital to the labor force.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1148
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.12(1) (Spring 1999)
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