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Dale T. Mortensen 《International Economic Review》1999,40(4):889-914
The global dynamics of Pissarides' (1990) equilibrium model of aggregate unemployment are studied in the case of increasing returns to scale in production and constant returns to scale in the matching process. An equilibrium is a dynamic path for the aggregate number of matches generated by best-response search and recruiting investment decisions under rational expectations. Necessary and sufficient conditions for multiple equilibria, including limit cycles, are derived, and illustrative examples are computed. The application of saddle-loop bifurcation theory is a novel feature of the analysis. Since one equilibrium Pareto dominates all the others, a macroeconomic coordination problem exists. 相似文献
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Dr. Hian Teck Hoon 《International economic journal》2013,27(2):13-32
This paper develops a (stylized Asia-America) Heckscher-Ohlin world economy in which the equilibrium rate of unemployment is endogenous. We examine the impact of various economic shocks on unemployment in the global economy. Harrod-neutral or Hicks-neutral technical progress across all industries in Asia leads to a terms of trade improvement for America but raises America's unemployment rate. Introducing a third country such as the block of former socialist economies results in higher unemployment for both Asia and America. Protection in America lowers American equilibrium unemployment but raises Asia's unemployment. [E24] 相似文献
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Guillaume Rocheteau Peter Rupert Randall Wright 《The Scandinavian journal of economics》2007,109(4):837-855
When labor is indivisible, there exist efficient outcomes with some agents randomly unemployed, as in Rogerson (1988) . We integrate this idea into the modern theory of monetary exchange, where some trade occurs in centralized markets and some in decentralized markets, as in Lagos and Wright (2005) . This delivers a general equilibrium model of unemployment and money, with explicit microeconomic foundations. We show that the implied relation between inflation and unemployment can be positive or negative, depending on simple preference conditions. Our Phillips curve provides a long‐run, exploitable, trade‐off for monetary policy; it turns out, however, that the optimal policy is the Friedman rule. 相似文献
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Amnon Levy 《Australian economic papers》1998,37(4):404-413
The positive effect of membership fees on trade unions' cohesion and commitment and the adverse effect of these fees on trade unions' density imply that the effects of membership fees on trade unions' bargaining power, wage rate and unemployment can be depicted by inverted U-shaped curves whose upper bounds are reached when membership fees are set at half the ratio of the upper-bound on members' level of satisfaction from the trade union services to their disposable income rate. The implications of these effects for membership fees are analysed for a trade union that sets its membership fee so as to minimise the loss stemming from missing wage rate and unemployment targets. 相似文献
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Conventional unemployment rate measures tend to overestimate the degree of labor underutilization if unemployment disproportionately affects less educated and generally less productive workers. Based on index number theory as well as on econometric techniques, this article proposes a number of alternative measures that are exact for specific labor aggregator functions. The results for the United States show that the conventional, unweighted unemployment rate overestimates the true rate by about 0.6 of a percentage point, or by almost 14%. 相似文献
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Hian Teck Hoon 《Australian economic papers》1998,37(3):257-272
A model is developed, which captures the interactions of unemployment and economic growth in general equilibrium. The economy evolves along a correct-expectations equilibrium path exhibiting endogenous job rationing, and productivity growth is driven by installation of new capital. Under the maintained hypothesis that the elasticity of substitution between capital and labour is less than unity, unemployment benefits are shown to shift up the whole path of equilibrium unemployment, leaving the economy with a higher natural rate of unemployment and lowering the long-run growth rate permanently. Investment tax credits financed by lump sum taxes on total income are capable of lowering the natural rate and raising the economy's growth rate. 相似文献
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Luigi Bonatti 《Economic Notes》2002,31(1):109-123
In a unionized economy with nominal-wage contracts, the 'natural' (rational-expectations equilibrium) employment level is not invariant with respect to the stabilization rule followed by the monetary authority. This is because alternative monetary policies change the variance of the inflation rate (price level) relatively to the variance of some measure of economic activity (employment level), thereby influencing the trade-off desired by union members between the real wage and the probability of employment. Indeed, a more volatile employment level induces the (risk-neutral) union members to prefer a higher expected real wage.
(J.E.L: E5, J5). 相似文献
(J.E.L: E5, J5). 相似文献
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FREDERICK van derPLOEG 《Journal of Public Economic Theory》2006,8(4):603-610
Although unconditional unemployment benefits destroy jobs in competitive and noncompetitive labor markets, conditional benefits can spur job growth in noncompetitive labor markets. Unconditional benefits reduce the penalty of shirking and misconduct, while conditional benefits increase this penalty. This is shown for the efficiency‐wage, no‐shirking model of the labor market developed by Shapiro and Stiglitz (1984) . Switching from unconditional to conditional benefits lowers unemployment. Tough eligibility requirements are thus important components of the welfare state. However, if conditional benefits are financed by a payroll tax, conditional benefits exert upward wage pressure so that unemployment falls by less and may even increase. 相似文献
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This paper reviews some concepts of equilibrium unemployment and outlines the fundamental difficulties facing any attempt to produce estimates of the equilibrium rate of unemployment. It develops simple quasi-reduced form models of aggregate unemployment based on rival non market-clearing and market-clearing theories. These equations form the basis of an empirical model of aggregate unemployment in Australia since 1969. The empirical evidence suggests that most of the observed increase in unemployment can be attributed to cyclical rather than structural-frictional factors. However, stylized explanations of cyclical unemployment exclusively along the lines of Keynesian, Classical or equilibrium search theory are found inadequate. 相似文献
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Marc Lombard 《Review of Political Economy》2013,25(3):317-332
This paper looks at the impact the European integration process has had on the unemployment level of European Union member countries. While the persistence of relatively high unemployment in Europe is often attributed to supply-side factors, such as the rigidities of the labour market, this study contends that the major cause for the rise of unemployment in the EU has been the very macroeconomic policies of the EU itself. The paper argues that the continuous pursuit of deflationary policies and the macroeconomic constraint imposed first by the membership of the European Monetary System and, secondly, by the convergence criteria of the Maastricht Treaty, have been the real impediments to reducing unemployment. 相似文献
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Ricardo A. Lagos 《Bulletin of economic research》2000,52(4):297-322
This paper introduces a standard neoclassical production function in an equilibrium search model of the labour market, in order to analyse the effects that changes in the (exogenous) rental rate of capital have on the unemployment rate. When the number of firms is kept fixed, an increase in the rental rate affects unemployment only through its impact on selectivity, with the direction of the change depending on the size of the worker's unemployment benefits relative to the firm's search costs. Regardless of the behaviour of selectivity, when the number of firms is determined endogenously, an increase in the rental rate always increases unemployment through a process of job destruction. 相似文献
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Javier Ortega 《Economic journal (London, England)》2000,110(460):92-112
A dynamic two-country labour matching economy is presented. Workers decide whether to search in their native country or look for a job abroad (bearing an additional cost). The number of vacancies posted by firms in each country depends on the average characteristics of the workers searching inside that country. Wages are determined in an individual Nash bargain. We show the existence of multiple steady-state equilibria: one no-migration equilibrium and two migration equilibria. The multiplicity of equilibria is due to a self-fulfilling prophecy phenomenon linking average wages and incentives to migrate. The equilibria are Pareto-ranked, with migration-equilibria dominating no-migration. 相似文献
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We investigate the interaction between labour and credit market imperfections for equilibrium unemployment in the presence of profit sharing. In a partial equilibrium with exogenous outside options, increased bargaining power of banks has adverse employment effects. In a general equilibrium with endogenous outside options, this relationship is frequently reversed; reduced credit market imperfections increase equilibrium unemployment if the labour market imperfections—measured by the bargaining power of trade unions—are sufficiently strong and the benefit–replacement ratio is sufficiently high. Finally, we show that higher bankruptcy risks increase equilibrium unemployment under similar conditions. 相似文献
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Hian Teck Hoon 《Review of Development Economics》2002,6(1):26-38
A North–South model is developed which incorporates an endogenous rate of equilibrium unemployment in the North in the context of long-run growth. It is shown how increases in the size of public debt and unemployment compensation financed by payroll taxation, all measured relative to productivity, raise the Northern natural rate of unemployment and, consequently, reduce the global rate of long-run growth. The effect of the shocks is also to drive down the rate of employment expansion in the South. A set of the fundamental determinants of the world terms of trade is obtained, which includes policy parameters. 相似文献
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Franklyn D. Holzman 《Journal of Comparative Economics》1985,9(4):410-423
In traditional theory the nations forming a customs union reduce barriers among themselves but maintain tariffs against nonmembers at the pre-customs-union level. This leads to trade creation and/or trade diversion. It is argued here that the formation of Comecon led to trade destruction and that this resulted because the members of Comecon were poorly suited to trade with each other and increased significantly barriers to trade with nonmembers. Thus trade with nonmembers that could not be replaced at low-enough cost at home or by member trading partners was eliminated. 相似文献
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本文针对我国不完全的劳动市场,建立了一个短视一搜寻模型,目的是要说明,第一,虽然政府直接干预下的就业率高于无政府干预的劳动市场的均衡就业率,但是后者的社会总福利水平高于前者,而且,无政府干预情形下失业者的福利水平不会低于政府干预时在低工资岗位上的就业者的福利水平.这说明政府直接干预劳动市场虽然有可能降低失业率,但可能导致整个社会福利损失,也不利于提高低收入人群的福利水平.第二,我国现行的社会保障制度、户籍制度以及地方保护政策妨碍城乡劳动力自由流动,造成城市居民一般占据了工资较高的岗位,农村居民一般只能找到工资较低的岗位.这种匹配过程达到的劳动市场均衡,虽然有可能最大限度降低城镇失业率,但不是使得全国总失业率最低的均衡. 相似文献
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The purpose of this paper is to first apply the theory of trade in vertically differentiated products in a Customs Union context
and second to find out the effects of the Customs Union between the European Union and Turkey. This is done both at a theoretical
and at an empirical level. Based on these assumptions, the theoretical analysis indicates that the benefits of admitting Turkey
into the Customs Union will be unevenly spread between Germany and Greece. In particular, Germany will definitely benefit,
whereas Greece may suffer losses. In the empirical part of the paper, it is examined whether the predictions emanating from
the theoretical analysis find any empirical support. For this purpose, the behavior of Greek and Turkish exports to the European
Union is examined using desegregated data. The evidence is supportive of the theoretical predictions. 相似文献