A Theory of Efficient Business Cycles and Unemployment
This paper introduces job-shifting costs and durable producer goods into a framework with consumer-producers, economies of specialized learning by doing and transaction costs, developed by Yang and Borland  to explore the intimate relationship among the following three phenomena simultaneously: (1) Long-run endogenous, efficient, and regular business cycles, (2) Long-run endogenous, efficient and cyclical unemployment, and (3) Long-run and endogenous growth.
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|Date of creation:||1998|
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