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Equilibrium Unemployment Theory
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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 278 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 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 Equilibrium unemployment theory by : C.A. Pissarides
Download or read book Equilibrium unemployment theory written by C.A. Pissarides and published by . This book was released on 2000 with total page 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.
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 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 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 A Structural Model of Equilibrium Unemployment by : Gylfi Zoega
Download or read book A Structural Model of Equilibrium Unemployment written by Gylfi Zoega and published by . This book was released on 1993 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Kalecki and Unemployment Equilibrium by : M. Sebastiani
Download or read book Kalecki and Unemployment Equilibrium written by M. Sebastiani and published by Springer. This book was released on 1994-02-22 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kalecki's opus has been acknowledged chiefly as a contribution to the theory of distribution and the business cycle. Little attention has been given to the theory of effective demand and to unemployment equilibrium, i.e. to the field traditionally covered by Keynesian economics. This book is an attempt to draw attention to the most innovative core of Kalecki's thought on capitalist economies, which is also strictly interrelated to the history of economic thought. Accordingly, it focuses on the relationships with other theoretical approaches, to methodology and the theory of effective demand and investment, to the theory of distribution and prices, and to the theory of money.
Book Synopsis A Theory of Short- and Long-run Equilibrium Unemployment by : Ernst Fehr
Download or read book A Theory of Short- and Long-run Equilibrium Unemployment written by Ernst Fehr and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structural Slumps by : Edmund Phelps
Download or read book Structural Slumps written by Edmund Phelps and published by . This book was released on 1994 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Toward a Non-Equilibrium Unemployment Theory by : Matteo G. Richiardi
Download or read book Toward a Non-Equilibrium Unemployment Theory written by Matteo G. Richiardi and published by . This book was released on 2006 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a non-equilibrium, agent-based model of workers and firms, with on-the-job searching, endogenous entrepreneurial decisions and endogenous wage and income determination. Workers and firms are heterogeneous, and learn their strategy in the labor market. The model is able to reproduce a number of stylized facts generally accepted in labor economics and industrial organization, such as the Wage, Beveridge and Okun curve, and the skewness of wage, income and firm size distribution. Most interestingly, important stylized facts such as a negatively sloped Wage Curve and a constant returns to scale matching function emerge only out-of-equilibrium, during the adjustment processes toward the stationary state. Thus, from a theoretical point of view the model suggests that taking these stylized facts as quot;building blocksquot; of equilibrium models might be misleading. The results stress two additional points. From a methodological point of view, the use of non-equilibrium computational models allows for a more comprehensive investigation of the labor market, by considering the endogenous character of many relevant variables. From an empirical point of view, the joint determination of all aggregate relationships and their dependence on the equilibrium or non-equilibrium state of the system suggest to move from the investigation of empirical regularities in isolation one from the other to a joint analysis.
Book Synopsis The Conflict Between Equilibrium and Disequilibrium Theories by : Richard E. Quandt
Download or read book The Conflict Between Equilibrium and Disequilibrium Theories written by Richard E. Quandt and published by . This book was released on 1988 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade, FDI, and Equilibrium Unemployment by : Hans-Jörg Schmerer
Download or read book Trade, FDI, and Equilibrium Unemployment written by Hans-Jörg Schmerer and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The General Theory of Employment, Interest, and Money by : John Maynard Keynes
Download or read book The General Theory of Employment, Interest, and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
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.
