Giraud, Gaël; Rochon, Céline - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2007
We present a continuous 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...