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The Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment
Bokan, Nikola; Hughes Hallett, Andrew - 2007
Most people accept that structural and labour market reforms are needed in Europe. However few have been undertaken. The usual conjecture is that reforms are costly in economic performance and costly to finance. Blanchard and Giavazzi (2003) and Spector (2004) develop a general equilibrium model...
Persistent link: https://www.econbiz.de/10010295250
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The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
Aoki, Masanao; Yoshikawa, Hiroshi - 2008
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework …. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the …
Persistent link: https://www.econbiz.de/10010298573
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The natural projection approach to production and uncertainty
Stiefenhofer, Pascal - 2011
The paper generalizes the natural projection approach introduced by Balasko (1988) for the study of the qualitative equilibrium structure of exchange economies to a two period private ownership production model with uncertainty. It shows that long run equilibrium properties of the production...
Persistent link: https://www.econbiz.de/10010304723