CONSUMER DEMAND AND EQUILIBRIUM UNEMPLOYMENT IN A WORKING MODEL OF THE CUSTOMER-MARKET INCENTIVE-WAGE ECONOMY
成果类型：
Article
署名作者：
PHELPS, ES
刊物名称：
QUARTERLY JOURNAL OF ECONOMICS
ISSN/ISSBN：
0033-5533
DOI：
10.2307/2118372
发表日期：
1992
页码：
1003-1032
关键词：
摘要：
Though not conceived as a constant, the natural unemployment rate was taken to be invariant to supply shocks until the late seventies and to real demand shocks until now. The largely micro-theoretic model here is one in a series deriving the natural rate path from general equilibrium. In this model the labor market exhibits generalized real-wage rigidity, resulting from the use of incentive wages to combat shirking, and the asset backing shares is the firms' customers, arising from customer-market friction. One finding is that increased consumer demand drives up the natural rate by driving real interest rates up.
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