A labor market model with costly search and recruiting is constructed. It incorporates many features found in other models and provides new insights into the effects of externalities and transaction costs. The model possesses a continuum of equilibria, some of which may be Pareto-ranked, with different rates of unemployment. Despite the multiplicity of equilibria, comparative-statics results are obtained. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 28 (1987) Issue (Month): 1 (February) Pages: 89-107 Download reference. The following formats are available: HTML,
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