When - to cover the risk of underemployment - households oversupply labor to a labor market in which demand is down, a minimum wage set below the prevailing market wage can send the market wage down and unemployment up. Unemployment benefits can, by countering some of the risk of unemployment,...

If people's labor-supply decisions are taken at the level of the household, it is natural to expect aggregate demand and unemployment to influence the supply curve of labor. An increase in unemployment could prompt households to send more workers out in search of work to insure against the risk...

This paper examines the global macro-dynamics of an OLG model with capital and land with rational expectations. Through the interactions between capital accumulation and land prices, the economy experiences phase transitions, endogenously moving back and forth from situations with unique and...