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- W2604547780 abstract "Economic growth crucially depends on the level of RD the latter might shape the amount ofprofit obtained by each firm and its incentives to continuously innovate. This paper proposes a novel analysis combining a Schumpeterian growth model with cash-in-advance (CIA) constraints on R&D to study the impact of trade unions on economic growth and social welfare. Two main results arise: one the one hand, economic growth is always decreasing in trade union’s markup and interest rate. However, in terms of social welfare, although Friedman rule appears to be optimal across all the considered scenarios, free labour market can be suboptimal below a specific threshold level of economic growth, depending on whether there is over or underinvestment in R&D. Hence, by demanding a wage above the perfect competition equilibrium, trade unions can have a positive impact on welfare through a reallocation of labour among sectors. This relationship seems to be stronger for countries with lower labour share and higher rents in the intermediate sector. This latter case highlights the redistributive effect of trade unions, contributing for a decrease in inequality betweenmonopolists and workers. Therefore, for the case of the Eurozone, a “common” labour market setting might be more “inefficient” than a common monetary policy." @default.
- W2604547780 created "2017-04-14" @default.
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- W2604547780 date "2017-03-01" @default.
- W2604547780 modified "2023-09-27" @default.
- W2604547780 title "Can Trade Unions Increase Social Welfare? An R&D Model with Cash-in-Advance Constraints" @default.
- W2604547780 hasPublicationYear "2017" @default.
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