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Revisiting unemployment in intermediate macroeconomics: A new approach for teaching Diamond-Mortensen-Pissarides

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  • Arghya Bhattacharya
  • Paul Jackson
  • Brian C. Jenkins

Abstract

The authors present a version of the Diamond-Mortensen-Pissarides model of unemployment that is accessible to undergraduates and preserve the dynamic structure of the original model. The model is solvable in closed form using basic algebra and admits a graphical representation useful for illustrating a variety of comparative statics. They show how to use the model to teach the effects of labor market policies, advancements in Internet technology, and labor market dynamics. Supplementary materials such as teaching tips, a classroom experiment, and online resources including a JavaScript-based simulation tool, U.S. data used to make figures, and practice problems are provided.

Suggested Citation

  • Arghya Bhattacharya & Paul Jackson & Brian C. Jenkins, 2018. "Revisiting unemployment in intermediate macroeconomics: A new approach for teaching Diamond-Mortensen-Pissarides," The Journal of Economic Education, Taylor & Francis Journals, vol. 49(1), pages 22-37, January.
    • Handle: RePEc:taf:jeduce:v:49:y:2018:i:1:p:22-37
    DOI: 10.1080/00220485.2017.1397574
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    Cited by:

    1. Donald F. Vitaliano, 2023. "The Minimum Wage and Natural Rate of Unemployment," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 51(2), pages 189-202, September.

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