Capital Accumulation and Unemployment: A Tale of Two “Continents”
研究资本积累对失业的影响，强调一国资本存量相对于其他国家的演变比绝对增长率更重要，基于1961-1995年OECD季度数据验证。
In contrast to much recent work regarding the causes of European unemployment, in this paper we emphasize the importance of capital accumulation. But unlike the few previous studies which have examined the relationship between capital accumulation and unemployment, we argue that what matters for the evolution of employment (and the unemployment rate) is not the absolute growth rate of a country's capital stock, but its evolution relative to other countries' capital stock. The empirical validity of the above statement is demonstrated for almost all OECD countries using quarterly time‐series data for the period 1961–1995. More detailed evidence is also presented for Germany, Japan and the United Kingdom.