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General Equilibrium Wage and Price Distributions

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  • James W. Albrecht
  • Bo Axell
  • Harald Lang

Abstract

This paper extends models of search market equilibrium to incorporate general-equilibrium considerations. The model we treat is one with a single product market and a single labor market. An equilibrium distribution of prices and wages is the result of optimal price- and wage-setting behavior by firms in conjunction with optimal search by individuals. We prove the existence of a degenerate equilibrium and of a two-point dispersion equilibrium.

Suggested Citation

  • James W. Albrecht & Bo Axell & Harald Lang, 1986. "General Equilibrium Wage and Price Distributions," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(4), pages 687-706.
    • Handle: RePEc:oup:qjecon:v:101:y:1986:i:4:p:687-706.
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    File URL: http://hdl.handle.net/10.2307/1884174
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    Cited by:

    1. Eliasson, Gunnar & Lindberg, Thomas, 1986. "Economic Growth and the Dynamics of Wage Determination: A Micro Simulation Study of the Stability Consequences of Deficient Variation in Factor Prices and Micro Structures," Working Paper Series 170, Research Institute of Industrial Economics, revised Aug 1988.
    2. James Albrecht & Susan Vroman, 2005. "Equilibrium Search With Time-Varying Unemployment Benefits," Economic Journal, Royal Economic Society, vol. 115(505), pages 631-648, July.
    3. Eliasson, Gunnar, 1987. "The Dynamics of Supply and Economic Growth: How Industrial Knowledge Accumulation Drives a Path Dependent Economic Process," Working Paper Series 182, Research Institute of Industrial Economics.
    4. Burdett, Kenneth, 1989. "Search Market Models: A Survey," Working Paper Series 234, Research Institute of Industrial Economics.
    5. Axell, Bo, 1988. "The Economics of Learning: Price Formation when Acquisition of Information is Possible but Costly," Working Paper Series 205, Research Institute of Industrial Economics.
    6. J. Rupert Gatti, 2000. "Equilibrium Price Dispersion with Sequential Search," Econometric Society World Congress 2000 Contributed Papers 1368, Econometric Society.

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