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The Structure of Simple General Equilibrium Models with Frictional Unemployment

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Author Info
Davidson, Carl
Martin, Lawrence
Matusz, Steven

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Abstract

The authors develop a two-sector general equilibrium model in which equilibrium unemployment arises endogenously because of trading frictions in the labor market of one sector. Externalities inherent in the search process lead to inefficient equi libria, and this has important implications for the basic structure of the economy. In particular, the relationship between factor rewards and commodity prices is fundamentally different from the analogous relationship in a frictionless economy. One implication is that the economy's relative supply curve may be downward sloping, especially when the search sector is small. The authors also present several applications of the analysis. Copyright 1988 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 96 (1988)
Issue (Month): 6 (December)
Pages: 1267-93
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Handle: RePEc:ucp:jpolec:v:96:y:1988:i:6:p:1267-93

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  1. Frederick VAN DER PLOEG, 2004. "DO SOCIAL POLICIES HARM EMPLOYMENT? Second-best effects of taxes and benefits on labor markets," Economics Working Papers ECO2004/11, European University Institute. [Downloadable!]
  2. Vassilis T Rapanos, 2004. "Tax Incidence In A Model With Efficiency Wages And Unemployment," Public Economics 0404001, EconWPA. [Downloadable!]
  3. Nicolas L. Jacquet & Serene Tan, 2007. "On the Segmentation of Markets," Working Papers 18-2007, Singapore Management University, School of Economics. [Downloadable!]
  4. Gabriel J Felbermayr & Julien Prat & Hans-Jörg Schmerer, 2009. "Trade and Unemployment: What do the data say?," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 310/2009, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
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  5. Hiau Looi Kee & Hian Teck Hoon, 2004. "Trade, capital accumulation, and structural unemployment : An empirical study of the Singapore economy," Policy Research Working Paper Series 3272, The World Bank. [Downloadable!]
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  6. Felbermayr, Gabriel & Prat, Julien & Schmerer, Hans-Jörg, 2008. "Globalization and Labor Market Outcomes: Wage Bargaining, Search Frictions, and Firm Heterogeneity," IZA Discussion Papers 3363, Institute for the Study of Labor (IZA). [Downloadable!]
  7. Yu Sheng & Xingpeng Xu, 2007. "Terms of Trade Shocks and Endogenous Search Unemployment: A Two-sector Model with Non-Traded goods," DEGIT Conference Papers c012_025, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  8. Gabriel Felbermayr & Mario Larch & Wolfgang Lechthaler, 2009. "Unemployment in an Interdependent World," Kiel Working Papers 1540, Kiel Institute for the World Economy. [Downloadable!]
  9. Elhanan Helpman & Oleg Itskhoki & Stephen Redding, 2008. "Wages, Unemployment and Inequality with Heterogeneous Firms and Workers," NBER Working Papers 14122, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Elhanan Helpman & Oleg Itskhoki & Stephen Redding, 2008. "Inequality and Unemployment in a Global Economy," NBER Working Papers 14478, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. H. J. Holzer, . "Employer skill needs and labor market outcome by race and gender," Institute for Research on Poverty Discussion Papers 1087-96, University of Wisconsin Institute for Research on Poverty. [Downloadable!]
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