Factor Market Search and the Structure of Simple General Equilibrium Models
Abstract
This paper presents a simple general equilibrium model in which unemployed workers search for jobs and vacant firms search for employees. Formally, the author develops a two-sector, constrained efficient version of the Diamond-Mortensen-Pissarides matching model of trade coordination. This approach to modeling factor market search appears promising since its algebraic development parallels Ronald W. Jones's treatment of the two-sector model of production, and the latter framework underlies most applied general equilibrium analyses. Some illustrative short-run and steady-state results are presented concerning the behavior of open and closed economies that exhibit unemployment and vacancies. Copyright 1990 by University of Chicago Press.Download Info
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Article provided by University of Chicago Press in its journal Journal of Political Economy.
Volume (Year): 98 (1990)
Issue (Month): 2 (April)
Pages: 325-55
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Web page: http://www.journals.uchicago.edu/JPE/
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