New Keynesian macroeconomics: in the role of the global trend of migrations on the labor market and demographic changes

Dimitrov, Nikola and Josheski, Dushko and Koteski, Cane (2012) New Keynesian macroeconomics: in the role of the global trend of migrations on the labor market and demographic changes. In: International scientific conference: Migration and labour market, Book of abstracts, 19-20- October 2012, Hotel Montana - Krushevo - Republic of Macedonia.

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In this paper we test New Keynesian propositions about inflation and unemployment trade off with the New Keynesian Phillips curve and the proposition of non-neutrality of money. The NAIRU rate in the unemployment inflation trade off model is almost similar as high to the actual unemployment. Therefore, we argue that NAIRU concept is far from being applicable in the case of Macedonian labour market. In the New Keynesian Phillips curve not surprisingly, there appears to be no statistically significant relationship between inflation and Unemployment –even in the classical Philips curve and in adaptive expectations Philips curve by Modigliani- Papademos (1975). Or the Friedman-Phelps- Lucas expectations-augmented one between the difference of actual and expected inflation rate and the gap between actual and the natural rate of unemployment presented in the next equation. This situation causes continuity in this process of emigration of the population outside of the country. Modern trends are present in Macedonia as well. Our migration can be treated as well as” transitional migration’ because there still is classical –physical migration of certain categories of people, vs new trends of migration, i.e. intellectual or technological migration. And in the end partially , through the case of R. Macedonia , we will talk about the role of institutions and policies on the migrations and demographic changes.

Item Type: Conference or Workshop Item (Paper)
Subjects: Social Sciences > Economics and business
Social Sciences > Social and economic geography
Divisions: Faculty of Tourism and Business Logistics
Depositing User: Cane Koteski
Date Deposited: 21 Nov 2012 18:00
Last Modified: 25 Dec 2012 15:16

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