![]() ![]() Mark Gertler & Luca Sala & Antonella Trigari, 2008.Mathias Trabandt & Karl Walentin & Lawrence J.Mathias Trabandt & Karl Walentin & Lawrence Christiano, 2016.Ģ38, Sveriges Riksbank (Central Bank of Sweden), revised." Involuntary Unemployment and the Business Cycle,"ġ5801, National Bureau of Economic Research, Inc.Ģ010-03, Federal Reserve Bank of Atlanta. Christiano & Mathias Trabandt & Karl Walentin, 2010. " Involuntary unemployment and the business cycle," & Trabrandt, Mathias & Walentin, Karl, 2010. No fully satisfactory modification has yet appeared. After demonstrating the clash in a minimal but adequate setting, I consider modifications of the DMP model that permit the complete model to have an equilibrium. In consequence, a general-equilibrium monetary model with a DMP labor market generally has no equilibrium. The DMP model is a clashing theory of unemployment, in the sense that its determinants of unemployment do not include any variables that signal an excess supply of current output. Quite separately, the Diamond-Mortensen-Pissarides model is a widely accepted and well-developed account of turnover, wage determination, and unemployment. When the nominal rate is above the level that clears the current market for output, the excess supply shows up as diminished output, lower employment, and higher unemployment. General-equilibrium models for studying monetary influences in general and the zero lower bound on the nominal interest rate in particular contain implicit theories of unemployment. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |