Hoon, Hian Teck; Phelps, Edmund S - In: American Economic Review 82 (1992) 4, pp. 889-900
At the microeconomic level, this paper revises and broadens the theory of the equilibrium rate of unemployment, the "natural rate" in a monetary model. The authors begin by recreating Steven Salop's turnover model of the natural rate in its naturally intertemporal version. Useful findings on...