Markovian Model of Unemployment
Macroeconomic models usually represent an equilibrium unemployment rate by using a differential equation. The solution of the differential equation expresses the natural unemployment rate. The same result is possible to achieve by using an introduced Markov's model of unemployment. Markov's model has an advantage in constructing a random generator for simulating processes in job-finding and job-separation structures. It is shown the Markov model of unemployment is an ergodic and states employment and unemployment are recurrent.
Volume (Year): 2 (1995)
Issue (Month): 3 ()
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