Equilibrium unemployment

• 成果类型: Article
• 署名作者: Gomes, J; Greenwood, J; Rebelo, S
• 署名单位: University of Rochester; University of Pennsylvania; Northwestern University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00071-X
• 发表日期: 2001
• 页码: 109-152
• 关键词: search; incomplete markets; business cycles; unemployment insurance; welfare costs of business cycles

摘要

A search-theoretic model of equilibrium unemployment is constructed and shown to be consistent with the key regularities of the labor market and business cycle. The two distinguishing features of the model are: (i) the decision to accept or reject jobs is modeled explicitly, and (ii) markets are incomplete. The model is well suited to address a number of interesting policy questions. Two such applications are provided: the impact of unemployment insurance, and the welfare costs of business cycles. (C) 2001 Elsevier Science B.V. All rights reserved.