Price stickiness reduces productivity gains and job creation: Bank of Korea paper
A Bank of Korea paper published on Monday says policies geared towards more flexible prices and greater elasticity of demand can improve total factor productivity and job creation in South Korea.
Gu-do Park and Bum-Joon Jo, the paper's authors, use a structural vector auto-regression model to analyse the relationship between total factor productivity and employment in South Korea. The authors note that while the pace of total factor productivity in the manufacturing sector accelerated after the
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