The Macroeconomic Effects of German Unification: Real Adjustments and the Welfare State

被引：23

作者：

Canova, Fabio ^{[1
,2
,3
]}

Ravn, Morten O. ^{[1
,3
,4
]}

机构：

[1] Univ Pompeu Fabra, Barcelona, Spain

[2] Univ Southampton, Southampton, Hants, England

[3] CEPR, London, England

[4] London Business Sch, Dept Econ, London NW1 4SA, England

来源：

REVIEW OF ECONOMIC DYNAMICS | 2000年 / 3卷 / 03期

关键词：

German unification; capital accumulation; skill differences; credit constraints; the welfare state;

D O I：

10.1006/redy.2000.0096

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the effects of German unification in a model with capital accumulation, skill differences, and a welfare state. We argue that this event is similar to a mass migration of low-skilled agents holding no capital into a foreign country. Absent a welfare state, we observe an investment boom, depressed output, and employment conditions. Capital owners and high-skilled agents are willing to give up to 4% of per-capita consumption to favor unification. When a welfare state exists the investment boom disappears and the recession is prolonged. Now, with unification, capital owners and high-skilled agents lose 4% of per-capita consumption. (C) 2000 Academic Press

引用

页码：423 / 460

页数：38

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