The Persistence and Indeterminancy of Unemployment in Search Equilibrium
AbstractExisting theories that explain persistent and indeterminant unemployment are brought together within the unifying framework of search equilibrium. External economies that exhibit increasing return to production and exchange are identified as potential causes for both the indeterminacy and the persistence of unemployment for a wide range of assumptions about wage determination. Those considered include a "market-clearing" wage, an "efficiency" wage, and an "insider-outsider" wage model. Although either of the non-market-clearing specifications can induce greater persistence, multiple equilibria require increasing returns in the technologies of either production or exchange. Copyright 1989 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 91 (1989)
Issue (Month): 2 ()
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
Other versions of this item:
- Dale T. Mortensen, 1988. "The Persistence and Indeterminacy of Unemployment in Search Equilibrium," Discussion Papers 810, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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