作者：Hayashi, Fumio; Prescott, Edward C.
作者单位：University of Tokyo; National Bureau of Economic Research; University of Arizona; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Why didn't the Japanese miracle take place before World War II? The culprit we identify is a barrier that kept prewar agricultural employment constant. Using a standard neoclassical two-sector growth model, we show that the barrier-induced sectoral distortion and an ensuring lack of capital accumulation account well for the depressed output level. Without the barrier, Japan's prewar GNP per worker would have been at least about a half of that of the United States, not about a third as in the d...
作者：Guerrieri, Veronica
作者单位：University of Chicago
摘要：I explore the efficiency properties of a competitive search model with match-specific private information and limited commitment on the workers' side. In a static setting the competitive search equilibrium is constrained efficient, whereas in a dynamic setting it is constrained inefficient whenever the initial unemployment rate is different from its steady-state level. Inefficiency arises because the workers' outside option becomes endogenous and affects the severity of the distortion due to t...
