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A Theory Of Equilibrium Unemployment Rates
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Book Synopsis Structural Slumps by : Edmund S. Phelps
Download or read book Structural Slumps written by Edmund S. Phelps and published by Harvard University Press. This book was released on 1994 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A Theory of Equilibrium Unemployment Rates by : Chitra Ramaswami
Download or read book A Theory of Equilibrium Unemployment Rates written by Chitra Ramaswami and published by . This book was released on 1982 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Equilibrium Unemployment Theory, second edition by : Christopher A. Pissarides
Download or read book Equilibrium Unemployment Theory, second edition written by Christopher A. Pissarides and published by MIT Press. This book was released on 2000-03-02 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.
Book Synopsis Fluctuation in Equilibrium Unemployment by : Robert E. Hall
Download or read book Fluctuation in Equilibrium Unemployment written by Robert E. Hall and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations in the equilibrium rate of unemployment can only be understood within a theory of the natural or equilibrium rate. It is not enough to say that unemployment is the difference between supply and demand in the labor market, though of course it always will be. In equilibrium, no participants in the market can have an unexploited opportunity to make themselves better off. At the equilibrium unemployment rate, employers cannot obtain labor at lower cost by offering work at below the market wage to the unemployed. Unemployed workers cannot raise their effective real incomes by taking lower wages in exchange for immediate employment. The task of the theory is to explain why any unemployment remains at all when these conditions are satisfied. Part of this problem has been studied in detail in the "search theory" of unemployment -- once a worker becomes unemployed, it is reasonably well understood why the worker does not become employed again immediately. The theory of why people become unemployed in the first place is less well developed and is the main concern of this paper. Most of the unemployed are looking for new work because their previous jobs ran out. Consequently, the main ingredient of a theory of the flow of workers into unemployment is a theory of the duration of employment. Such a theory is developed here, along reasonably standard lines
Book Synopsis Search Theory and Unemployment by : Stephen A. Woodbury
Download or read book Search Theory and Unemployment written by Stephen A. Woodbury and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Advances in the Theory and Measurement of Unemployment by : Yoram Weiss
Download or read book Advances in the Theory and Measurement of Unemployment written by Yoram Weiss and published by Springer. This book was released on 1989-06-18 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of papers which analyzes and measures unemployment as a search activity, discusses efficiency wage models and which considers the impact of government and unions on employment and unemployment.
Book Synopsis Problems of the Modern Economy by : Edward C. Budd
Download or read book Problems of the Modern Economy written by Edward C. Budd and published by W. W. Norton. This book was released on 1966-10 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regional Equilibrium Unemployment Theory at the Age of the Internet by : Vanessa Lutgen
Download or read book Regional Equilibrium Unemployment Theory at the Age of the Internet written by Vanessa Lutgen and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies equilibrium unemployment in a two-region economy with matching frictions, where workers and jobs are free to move and wages are bargained over. Job-seekers choose between searching locally or searching in both regions. Search-matching externalities are amplified by the latter possibility and by the fact that some workers can simultaneously receive a job offer from each region. The rest of the framework builds upon Moretti (2011). Increasing the matching effectiveness out of the region of residence has an ambiguous impact on unemployment rates. While it reduces the probability of remaining unemployed, it also decreases labor demand because of a lower acceptance rate. We characterize the optimal allocation and conclude that the Hosios condition is not sufficient to restore efficiency. A numerical exercise indicates that the loss in net output is non negligible and rising in the matching effectiveness in the other region.
Book Synopsis Unemployment Theories and Unemployment in Europe by : Ralph Strubbe
Download or read book Unemployment Theories and Unemployment in Europe written by Ralph Strubbe and published by GRIN Verlag. This book was released on 2013-05-29 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Economics - Job market economics, grade: 1,7, Heriot-Watt University Edinburgh (School of Management and Languages), language: English, abstract: Considering the ILO reporting 6.00% unemployment rate for the world in 2012 (ILO Report 2013), it is obvious that unemployment is a commonly observed phenomenon. Chart 1 displays the devel-opment of the unemployment rate for 20 OECD countries2 from 1955 until 2011. The average of all these countries in 2011 was 7.67%; of the EU 15 alone was 8.41%. In order to explain why unemployment occurs, the first part of this essay will deal with the different general theories of unemployment. Following this, the specific issue of European unemployment will be treated in the second part. This essay will conclude then with the author ́s estimation which theory explains European unemployment best.
Book Synopsis The Natural Rate of Unemployment by : Rod Cross
Download or read book The Natural Rate of Unemployment written by Rod Cross and published by Cambridge University Press. This book was released on 1995-06-22 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: For 25 years, theory about the causes of, and possible solutions to, the problem of unemployment has been dominated by Phelps' and Friedman's natural rate of unemployment hypothesis. This postulates that the equilibrium rate of unemployment consistent with steady inflation is determined by structural variables: sustainable reductions in unemployment can be achieved only by measures to change underlying microeconomic structures, such as benefit and pay bargaining systems. Belief in the hypothesis has faltered since the 1980s, the hypothesis being unable to explain the dramatic upward shifts in European unemployment rates. These essays reflect upon the fundamental structures underlying the hypothesis, assess the related evidence, and look forwards, suggesting possible modifications. In contrast to the single rate postulated by the natural rate hypothesis, several of the contributors propose that there are ranges of unemployment rates consistent with steady inflation.
Book Synopsis The Theory of Labor Market Equilibrium by : George Edwards Johnson
Download or read book The Theory of Labor Market Equilibrium written by George Edwards Johnson and published by . This book was released on 1966 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of Equilibrium Unemployment by : Eran Yashiv
Download or read book The Determinants of Equilibrium Unemployment written by Eran Yashiv and published by . This book was released on 1995 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Recent Developments in the Theory of Involuntary Unemployment by : Carl Davidson
Download or read book Recent Developments in the Theory of Involuntary Unemployment written by Carl Davidson and published by . This book was released on 1990 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarises the following theories of unemployment, which have emerged since the 1960s: search, disequilibrium (i.e. fixed price models), implicit contracts, efficiency wage, and insider/outsider models.
Book Synopsis Inflation Policy and Unemployment Theory by : Edmund S. Phelps
Download or read book Inflation Policy and Unemployment Theory written by Edmund S. Phelps and published by London : Macmillan. This book was released on 1972 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on economic theory and economic policies relevant to unemployment and inflation, proposing a cost benefit analysis approach to optimal monetary policy for the USA - includes economic models. References and statistical tables.
Book Synopsis Equilibrium Unemployment by : Joao Gomes
Download or read book Equilibrium Unemployment written by Joao Gomes and published by . This book was released on 1997 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: A search-theoretic general equilibrium model of frictional unemployment is shown to be consistent with some of the key regularities of unemployment over the business cycle. In the model the return to a job moves stochastically. Agents can choose either to quit and search for a better job, or continue working. Search generates job offers that agents can accept or reject. Two distinguishing features of current work relative to the existing business cycle literature on labor market fluctuations are: (i) the decision to accept or reject jobs is modeled explicitly, and (ii) there is imperfect insurance against unemployment.
Book Synopsis Unemployment: Theory, Policy and Structure by : Peder J. Pedersen
Download or read book Unemployment: Theory, Policy and Structure written by Peder J. Pedersen and published by Walter de Gruyter GmbH & Co KG. This book was released on 2017-11-07 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Trade with Equilibrium Unemployment by : Carl Davidson
Download or read book International Trade with Equilibrium Unemployment written by Carl Davidson and published by Princeton University Press. This book was released on 2010 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: While most standard economic models of international trade assume full employment, Carl Davidson and Steven Matusz have argued over the past two decades that this reliance on full-employment modeling is misleading and ill-equipped to tackle many important trade-related questions. This book brings together the authors' pioneering work in creating models that more accurately reflect the real-world connections between international trade and labor markets. The material collected here presents the theoretical and empirical foundations of equilibrium unemployment modeling, which the authors and their collaborators developed to give researchers and policymakers a more realistic picture of how international trade affects labor markets, and of how transnational differences in labor markets affect international trade. They address the shortcomings of standard models, describe the empirics that underlie equilibrium unemployment models, and illustrate how these new models can yield vital insights into the relationship between international trade and employment. This volume also includes an indispensable general introduction as well as concise section introductions that put the authors' work in context and reveal the thinking behind their ideas. Economists are only now realizing just how important these ideas are, making this book essential reading for researchers and students.
