Neugart, Michael (2004)
Complicated dynamics in a flow model of the labor market.
In: Journal of Economic Behavior & Organization, 53 (2)
doi: 10.1016/S0167-2681(03)00085-4
Artikel, Bibliographie
Dies ist die neueste Version dieses Eintrags.
Kurzbeschreibung (Abstract)
We develop a worker flow model with a nonlinear and endogenous outflow rate from unemployment. Inconsistent claims on the output lead to changing inflation rates which feedback on job offers through the real money supply. Via simulations one can show that the nonlinear outflow rate causes asymmetric adjustment of unemployment to the ‘equilibrium rate of unemployment’. In addition, and depending on the parameters, the ‘equilibrium rate of unemployment’ may also become locally unstable. Then, there is a downward sloping Phillips curve but no trade-off between unemployment and inflation in the short run, as there is none in the long run.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2004 |
| Autor(en): | Neugart, Michael |
| Art des Eintrags: | Bibliographie |
| Titel: | Complicated dynamics in a flow model of the labor market |
| Sprache: | Englisch |
| Publikationsjahr: | 2004 |
| Ort: | Amsterdam |
| Verlag: | Elsevier |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | Journal of Economic Behavior & Organization |
| Jahrgang/Volume einer Zeitschrift: | 53 |
| (Heft-)Nummer: | 2 |
| DOI: | 10.1016/S0167-2681(03)00085-4 |
| URL / URN: | http://www.sciencedirect.com/science/article/pii/S0167268103... |
| Zugehörige Links: | |
| Kurzbeschreibung (Abstract): | We develop a worker flow model with a nonlinear and endogenous outflow rate from unemployment. Inconsistent claims on the output lead to changing inflation rates which feedback on job offers through the real money supply. Via simulations one can show that the nonlinear outflow rate causes asymmetric adjustment of unemployment to the ‘equilibrium rate of unemployment’. In addition, and depending on the parameters, the ‘equilibrium rate of unemployment’ may also become locally unstable. Then, there is a downward sloping Phillips curve but no trade-off between unemployment and inflation in the short run, as there is none in the long run. |
| Freie Schlagworte: | Natural rate theory, Nonlinearity, Asymmetric adjustment, Endogenous cycles, Chaos |
| Zusätzliche Informationen: | JEL classification: E24, J64 |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete > Fachgebiet Finanzwissenschaft und Wirtschaftspolitik |
| Hinterlegungsdatum: | 27 Mär 2012 12:46 |
| Letzte Änderung: | 18 Jul 2024 10:16 |
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| Suche nach Titel in: | TUfind oder in Google |
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Complicated dynamics in a flow model of the labor market. (deposited 24 Jun 2024 09:52)
- Complicated dynamics in a flow model of the labor market. (deposited 27 Mär 2012 12:46) [Gegenwärtig angezeigt]
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