The High Unemployment Trap
AbstractA 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 InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 91-01.
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
costs ; economic equilibrium ; dismissal ; contracts;
Other versions of this item:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
- J - Labor and Demographic Economics
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