Frictional and Structural Unemployment in Equilibrium PDF Download
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Author: David M. Lilien
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: David M. Lilien
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Edmund S. Phelps
Publisher: Harvard University Press
ISBN: 9780674843738
Category : Business & Economics
Languages : en
Pages : 444
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Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
Author: Pierre W. Koning
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Author: Stephen A. Woodbury
Publisher: Springer Science & Business Media
ISBN: 9401002355
Category : Business & Economics
Languages : en
Pages : 244
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Search Theory and Unemployment contains nine chapters that survey and extend the theory of job search and its application to the problem of unemployment. The volume ranges from surveys of job search theory that take microeconomic and macroeconomic perspectives to original theoretical contributions which focus on the externalities arising from non-sequential search and search under imperfect information. It includes a clear and authoritative survey of econometric methods that have been developed to estimate models of job search, as well as two lucid contributions to the empirical search literature. Finally, it includes a study that reviews and extends the literature on optimal unemployment insurance and concludes with an appraisal of the influence of search theory on the thinking of macroeconomic policymakers.
Author: James J. Hughes
Publisher: Brighton : Wheatsheaf
ISBN:
Category : Business & Economics
Languages : en
Pages : 280
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The problems and issues of unemployment are given comprehensive coverage through discussions of measurement, theory and policy which are backed up with empirical evidence drawn from postwar experience in the United States and the United Kingdom.
Author:
Publisher:
ISBN:
Category : Unemployment
Languages : en
Pages : 40
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Author: Aico van Vuuren
Publisher:
ISBN:
Category : Insurance, Unemployment
Languages : en
Pages : 60
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Author: Raquel Fonseca
Publisher: Presses univ. de Louvain
ISBN: 9782930344089
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Since the mid-1970s Spain has suffered from persistently high unemployment, as it has occurred in other parts of Europe. Although during the last few years the unemployment level has declined, there are still enormous disparities in the unemployment rate across groups, skills and regions. This thesis attempts to shed some light on the mechanisms of unemployment persistence and skill and regional mismatch in Spain. Chapter 1 provides a first introductory analysis of Spanish data. The chapter emphasises the importance of skill and regional mismatch, which may have contributed about fifty percent to the observed increase in total unemployment over the last twenty years. The chapter also studies the cyclical pattern in the Spanish unemployment, which is a very important aspect in view of its magnitude. The following three chapters are devoted to the evaluation of different mechanisms that may have been at work. In all three chapters, the analysis relies on the specification, calibration and simulation of dynamic general equilibrium models with matching on the labour market. Chapter 2 focuses on cyclical fluctuations, with particular emphasis on the role of reallocation shocks. Chapter 3 focuses on « skill mismatch »; more precisely the chapter investigates to what extent unemployment rate disparities across skill groups can be explained in terms of a « ladder effect ». Chapter 4 focuses on regional disparities. A model is built to investigate the possible determinants of regional disparities and the role of labour mobility.
Author: Eran Yashiv
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 84
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