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Macroeconomic Shocks in a Dynamized Model of the Natural Rate of Unemployment

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Author Info
Hoon, Hian Teck
Phelps, Edmund S

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Abstract

At the microeconomic level, this paper revises and broadens the theory of the equilibrium rate of unemployment, the "natural rate" in a monetary model. The authors begin by recreating Steven 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, the authors 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. Copyright 1992 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 82 (1992)
Issue (Month): 4 (September)
Pages: 889-900
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Handle: RePEc:aea:aecrev:v:82:y:1992:i:4:p:889-900

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  1. Stephen Nickell, 2003. "Labour Market Institutions and Unemployment in OECD Countries," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 1(2), pages 13-26, October. [Downloadable!]
  2. Monastiriotis, Vassilis, 2006. "Macro-determinants of UK regional unemployment and the role of employment flexibility," MPRA Paper 44, University Library of Munich, Germany. [Downloadable!]
  3. Hian Teck Hoon & Edmund S. Phelps, 2002. "A structuralist model of the small open economy in the short, medium and long run," Discussion Papers 0102-25, Columbia University, Department of Economics. [Downloadable!]
    Other versions:
  4. Faria, Joao & Jellal, Mohamed, 2009. "A Socio-Psychological Theory of Efficiency Wage Growth," MPRA Paper 17184, University Library of Munich, Germany. [Downloadable!]
  5. Stephen Nickell, 2003. "A Picture of European Unemployment: Success and Failure," CEP Discussion Papers dp0577, Centre for Economic Performance, LSE. [Downloadable!]
  6. repec:ese:iserwp: is not listed on IDEAS
  7. Hian Hoon, 1994. "The impact of intraindustry trade on the natural rate of unemployment in two simple models," Open Economies Review, Springer, vol. 5(1), pages 29-46, March. [Downloadable!] (restricted)
  8. Edmund S. Phelps, 1998. "Designing a Capitalist Economy for Fast Growth and High Employment in Today's Globalized World Economy," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 87-103, November. [Downloadable!]
  9. Fitoussi, J-P & Jestaz, D. & Phelps, E.S. & Zoega, G., 2000. "Roots of the Recent Recoveries : Labor Reforms or Private-Sector Forces ?," Documents de Travail de l'OFCE 2000-04, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
    Other versions:
  10. Patrick Toche, 2001. "Is There a Growth-Unemployment Trade-Off?," Economics Series Working Papers 062, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  11. Stephen Nickell & Luca Nunziata & Wolfgang Ochel & Glenda Quintini, 2001. "The Beveridge Curve, Unemployment and Wages in the OECD from the 1960s to the 1990s - Preliminary Version," CEP Discussion Papers dp0502, Centre for Economic Performance, LSE. [Downloadable!]
  12. Hian Hoon, 1996. "Payroll taxes and VAT in a labor-turnover model of the ‘natural rate’," International Tax and Public Finance, Springer, vol. 3(3), pages 369-383, July. [Downloadable!] (restricted)
  13. Ali Choudhary & Paul Levine, 2004. "Can Risk Aversion in Firms Reduce Unemployment Persistence?," Department of Economics Discussion Papers 0704, Department of Economics, University of Surrey. [Downloadable!]
  14. Ali Choudhary & Paul Levine, 2003. "Self-Stabilizing Firms and Unemployment Persistence," Department of Economics Discussion Papers 0303, Department of Economics, University of Surrey. [Downloadable!]
  15. Hian Teck Hoon & Kong Weng Ho, 2007. "Distance to Frontier and the Big Swings of the Unemployment Rate: What Room is Left for Monetary Policy?," Kiel Working Papers 1347, Kiel Institute for the World Economy. [Downloadable!]
  16. Jim Malley & Hassan Molana, 2000. "Monopolistic Competition, Efficiency Wages and Perverse Effects of Demand Shock," Working Papers 2000_20, Department of Economics, University of Glasgow, revised Feb 2001. [Downloadable!]
    Other versions:
  17. Elisabetta Magnani, 2006. "Technological diffusion, the diffusion of skill and the growth of outsourcing in US manufacturing," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 15(7), pages 617-647, October. [Downloadable!] (restricted)
  18. Junankar, P. N. (Raja) & Madsen, Jakob B., 2004. "Unemployment in the OECD: Models and Mysteries," IZA Discussion Papers 1168, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  19. Krebs, Tom & Maloney, William F., 1999. "Quitting and labor turnover : microeconomic evidence and macroeconomic consequences," Policy Research Working Paper Series 2068, The World Bank. [Downloadable!]
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