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Sorting and the Output Loss due to Search Frictions
Gautier, Pieter A.; Teulings, Coen N. - Tinbergen Institute - 2011
. This model yields a simple relationship between (i) the unemployment rate, (ii) the value of non-market time, and (iii) the … and allow for measurement error. The estimated wage dispersion for the US is consistent with an unemployment rate of 4 …
Persistent link: https://www.econbiz.de/10008838544
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Coordination Frictions and The Financial Crisis
Gautier, Pieter A. - Tinbergen Institute - 2009
In this note I argue that the desirability of fiscal policy in response to the current crisis depends on whether one views the current crisis as a temporary deviation from a unique equilibrium or as a bad equilibrium out of multiple equilibria. The paper presents a simple Diamond (1982) type of...
Persistent link: https://www.econbiz.de/10005209434