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Erschienen in:
1992 | OriginalPaper | Buchkapitel
Demographic Shock
verfasst von : Professor Dr. Michael Carlberg
Erschienen in: Monetary and Fiscal Dynamics
Verlag: Physica-Verlag HD
Enthalten in: Professional Book Archive
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At the start, let the economy be in the steady state. Under these circumstances, a demographic shock takes place: Labour supply increases on its own. In the phase diagram merely the $$\dot{w}=0$$ line goes to the right, see figure 1. For the subsequent process of adjustment, have a look at the streamline. In the short run, the disturbance leaves no impact whatsoever on aggregate demand, output and labour demand. That is why the economy will suffer from unemployment.