Download or read book Unemployment as Disequilibrium in a Model of Aggregate Labor Supply written by Orley Ashenfelter and published by . This book was released on 1977 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Conflict Between Equilibrium and Disequilibrium Theories written by Richard E. Quandt and published by . This book was released on 1988 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Unemployment Disequilibrium and the Short Run Phillips Curve written by Richard E. Quandt and published by . This book was released on 1985 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper specifies a disequilibrium model for the aggregate labor market consisting of demand and supply functions for labor, an adjustment equation for wages as well as for prices, a transactions equation and, finally, an equation that relates measured unemployment to vacancies and to excess demand. The model has a more sophisticated treatment of dynamics than earlier disequilibrium models, and uses measured unemployment as an endogenous variable. Two of the error terms are assumed to be serially correlated and the coefficients are estimated by maximum likelihood. The parameter estimates and the goodness-of-fit are satisfactory and the model's implications for the behavior of several important variables are sensible. Excess demand estimates computed in various ways are reasonable. The model is used to estimate the natural rate of unemployment as well as a short run Phillips curve. Finally, the stability properties ofthe model are analyzed by considering the eigenvalues of the system; they are found to have moduli less than one.
Download or read book Unemployment written by Mark Casson and published by Ashgate Publishing. This book was released on 1993 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mark Casson critically examines the postulates of disequilibrium theory, as originally set out by Clower and by Barro and Grossman, and identifies two key issues. The first is the rationale for nominal wage and price stability; the second is the role of profits in disequilibrium.
Download or read book Estimation of a Disequilibrium Aggregate Labor Market written by Harvey S. Rosen and published by . This book was released on 1977 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Disequilibrium in the Labor Market in South Africa written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1994-09-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Download or read book Aggregate Demand Idle Time and Unemployment written by Pascal Michaillat and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium model of Barro and Grossman (1971) but takes a matching approach to the labor and product markets instead of a disequilibrium approach. On the product and labor markets, both price and tightness adjust to equalize supply and demand. Since there are two equilibrium variables but only one equilibrium condition on each market, a price mechanism is needed to select an equilibrium. We focus on two polar mechanisms: fixed prices and competitive prices. When prices are fixed, aggregate demand affects unemployment: with a higher aggregate demand, firms find more customers; this reduces the idle time of their employees and thus increases their labor demand; and this reduces unemployment. We combine the predictions of the model and empirical measures of product market tightness, labor market tightness, output, and employment to assess the sources of labor market fluctuations in the US. First, we find that the product market and labor market tightnesses fluctuate a lot, which implies that the fixed-price equilibrium describes the data better than the competitive-price equilibrium. Next, we find that labor market tightness and employment are positively correlated, which suggests that labor market fluctuations are mostly due to labor demand shocks and not to labor supply or mismatch shocks. Last, we find that product market tightness and output are positively correlated, which suggests that the labor demand shocks mostly reflect aggregate demand shocks and not technology shocks.
Download or read book Unemployment written by Lars Matthiessen and published by Springer. This book was released on 1981-06-18 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Recent Developments in the Theory of Involuntary Unemployment written by Carl Davidson and published by . This book was released on 1990 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarises the following theories of unemployment, which have emerged since the 1960s: search, disequilibrium (i.e. fixed price models), implicit contracts, efficiency wage, and insider/outsider models.
Download or read book Multiple Unemployment Equilibria Under Non representative Agent Demand written by Arthur J. Chiang and published by Stanford University. This book was released on 2011 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation analyzes the possibility that high unemployment can be be self-reinforcing through its effects on the distribution of income and, consequently, aggregate demand. The major results of my work demonstrate that these forces can lead to multiple macroeconomic equilibria which are indexed by the level of unemployment. By characterizing low output and employment states as equilibrium outcomes, this thesis provides a coherent theoretical explanation for periods of persistently high unemployment. The key property throughout is non-homotheticity of consumers' preferences, whereby the market demand for goods changes as income distribution changes, even if the total income of all consumers remains fixed. This implies that, unlike in many macroeconomic models, demand cannot be generated from a representative agent and, crucially, that changes in employment along the extensive, as opposed to intensive, margin can have more severe general equilibrium consequences.
Download or read book Equilibrium Unemployment Theory second edition written by Christopher A. Pissarides and published by MIT Press. This book was released on 2000-03-02 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.
Download or read book Working in the Macro Economy written by Martin F. J. Prachowny and published by Routledge. This book was released on 1997-04-17 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labour economics have received less attention in macroeconomics despite the fact that involuntary unemployment is a pressing policy issue. Here the imbalance is redressed by focusing on labour-demand and labour-supply relationships.
Download or read book The Theory of Unemployment Reconsidered written by Edmond Malinvaud and published by New York : Wiley. This book was released on 1977 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Unemployment and Inflation written by MichaelJ. Piore and published by Routledge. This book was released on 2017-07-05 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1979, this reader presents an industrialist view of the labour market and economics as they stood at the time in the United States. The essays collated aim to answer macroeconomic questions on this topic as well as exploring issues related closely to employment and inflation. This title will be of interest to students of business and economics.
Download or read book Recent Advances in Labour Economics written by Gillian Hutchinson and published by Routledge. This book was released on 2018-12-07 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1984. This book presents a great deal of research findings, new advances in theory and comprehensive overviews of key aspects of labour economics. It examines the latest trends in the field and assesses the impact of recent policies together with the likely impact of proposed policies. This study covers a wide range of topics but concentrates in particular on questions connected with the economics of trade unions which is a major area of concern for labour economists.
Download or read book Structural Slumps written by Edmund S. Phelps and published by . This book was released on 1994 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
Download or read book The Economics of Market Disequilibrium written by Jean-Pascal Bénassy and published by . This book was released on 1982 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomics; Market equilibrium and disequilib rium; Disequilibrium trading and quantity signals; Effective demand: A first approach; Effective demand and spillover effects; Price making; Non-Walrasian equilibrium concepts; The general framework; Fixprice equilibria; Expectations and temporary fixprice equilibria; Temporary equilibria with price makers; Efficiency; Macroeconomics; A model of unemployment; Unemployment and expectations; A model of unemployment with flexible price; A model of inflation.
