"Life Cycle" Hypothesis of Saving: Aggregate ... - Arabictrader.com

340 Miscellanea
Table 15.2 (continued)
(percentage of civilian labor force)
A P FIN S UK EUR-II( 1 ) EUR-12( 2 ) EU-15( 3 ) US JP
1982 3.5 7.2 5.4 3.3 10.3 8.6 8.5 8.7 9.7 2.4
1983 4.1 8.2 5.5 3.7 11.1 8.9 8.9 9.1 9.6 2.6
1984 3.8 8.9 5.2 3.3 11.1 9.8 9.7 9.7 7.5 2.7
1985 3.6 9.2 5.0 2.9 11.5 10.1 10.0 10.0 7.2 2.6
1986 3.1 8.8 5.2 2.7 11.5 10.0 9.9 9.9 7.0 2.8
1987 3.8 7.3 4.8 2.2 10.6 10.0 9.9 9.7 6.2 2.8
1988 3.6 5.9 4.2 1.8 8.7 9.6 9.6 9.1 5.5 2.5
1989 3.1 5.2 3.1 1.6 7.3 8.9 8.8 8.3 5.3 2.3
1990 3.2 4.8 3.2 1.7 7.0 8.2 8.1 7.7 5.6 2.1
1981–90 3.4 7.3 4.7 2.6 9.8 9.1 9.0 5.0 7.1 2.5
1991 3.4 4.2 6.6 3.1 8.8 8.1 8.1 8.1 6.8 2.1
1991 3.4 4.2 6.6 3.1 8.8 8.2 8.2 8.2 6.8 2.1
1992 3.4 4.3 11.7 5.6 10.0 9.2 9.1 9.2 7.5 2.2
1993 4.0 5.7 16.3 19.1 10.5 10.8 10.8 10.7 6.9 2.5
1994 3.8 6.9 16.6 9.4 9.6 11.6 11.5 11.1 6.1 2.9
1995 3.9 7.3 15.4 8.8 8.7 11.3 11.2 10.7 5.6 3.1
1996 4.3 7.3 14.6 9.6 8.2 11.5 11.5 10.8 5.4 3.4
1997 4.4 6.8 12.7 9.9 7.0 11.5 11.5 10.6 4.9 3.4
1998 4.5 5.2 11.4 8.3 6.3 10.9 10.9 9.9 4.5 4.1
1999 4.0 4.5 10.2 7.2 6.1 9.9 10.0 9.2 4.2 4.7
2000 3.7 4.2 9.8 5.9 5.6 9.0 9.1 8.3 4.0 4.7
1991–2000 3.9 5.6 12.5 7.7 8.1 10.4 10.4 9.9 5.6 3.3
2001 3.4 4.6 9.1 5.2 5.3 8.4 8.5 7.7 4.6 4.7
2002 3.2 5.1 8.4 5.0 5.1 7.8 7.9 2.2 4.7 4.8
( 1 ) EU-15 excluding DK, EL, S, UK; 1960–91: including D_90.
( 2 ) EU-15 excluding DK, S, UK; 1960–91: including D_90.
( 3 ) 1960–91: including D_90.
labor cost” i.e., to the e wage (adjusted for productivity trend). Thus we take the
mark up, at any point of time, as fixed—i.e., independent of output, (though it
will tend to increase in time). This approximation implies that, if at any time the
wage is fixed at Wo, the price itself is fixed as some corresponding multiple P 0 .
We find it convenient to rely on this approximation which does not materially
affect the substance of the argument, but greatly simplifies the exposition, for
when combined with the assumption of a fixed wage Wo, it enables us to treat
price P in equation (15.3) as a constant, P 0 . The demand for money then becomes
M
d
= kP X
0
(15.4)