MACROECONOMIC SHOCKS IN A DYNAMIZED MODEL OF THE NATURAL RATE OF UNEMPLOYMENT
成果类型：
Article
署名作者：
HOON, HT; PHELPS, ES
署名单位：
Columbia University
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
发表日期：
1992
页码：
889-900
关键词：
摘要：
At the microeconomic level, this paper revises and broadens the theory of the equilibrium rate of unemployment, the natural rate in a monetary model We begin by recreating Salop's turnover model of the natural rate in its naturally intertemporal version. Useful findings on impact effects and the adjustment process at the individual firm, necessarily excluded by the static version, are shown to derive from the dynamized model. At the macroeconomic level, we then provide a general-equilibrium analysis of some shocks showing how they drive the equilibrium unemployment rate and in varying ways also disturb the real rate of interest.