Natural rate of unemployment and efficiency: a dynamic analysis with flexible prices and increasing returns
We present a continous time non tatonnement process for frictionless and perfectly competitive markets with (possibly non convex) production, where the natural rate of unemployment (NRU) emerges as the asymptotic value of unemployment. Consumers and producers are myopic and repeatedly participate i...
| Những tác giả chính: | , |
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| Định dạng: | Working paper |
| Được phát hành: |
University of Oxford
2008
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