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The High Unemployment Trap

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Author Info

  • SAINT-PAUL, G.

Abstract

A model of the labor market under firing restrictions and endogenous quits is constructed. It is shown that, in the spirit of O. J. Blanchard and L. Summers (1988), the model can generate multiple equilibria for plausible parameter values, with a low quits/high unemployment equilibrium coexisting with a high quits/low unemployment equilibrium. Copyright 1995, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 91-01.

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Length: 39 pages
Date of creation: 1991
Date of revision:
Publication status: Published in Quarterly Journal of Economics, May 1995, 110 (2), pp. 527-550
Handle: RePEc:del:abcdef:91-01

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Keywords: costs ; economic equilibrium ; dismissal ; contracts;

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