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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

Urban public works in spatial equilibrium: Experimental evidence from Ethiopia

Franklin, Simon; Imbertand, Clément; Abebe, Girum; … - 2023

This paper evaluates a large urban public works program randomly rolled out across neighborhoods of Addis Ababa, Ethiopia. We find that the program increased public employment and reduced private labor supply among beneficiaries and improved local amenities in treated locations. We then combine...

Persistent link: https://www.econbiz.de/10014480361

Search Theory and Commuting Behavior

Rouwendal, Jan - 2004

In this paper I argue that search theory is a useful addition to the way economists and geographers have approached the … decentralized employment the spatial search model predicts excess commuting. Search theory also suggests that regression towards the …

Persistent link: https://www.econbiz.de/10010325209

Models as Measuring Instruments

Rodenburg, Peter - 2004

in models by analysing the measurement of duration dependence of unemployment. Since search theory can’t be made … function serves this purpose, its assumptions are arbitrary rather than connected to theory, and measurements generated with …

Persistent link: https://www.econbiz.de/10010325381

The dilemma of delegating search: Budgeting in public employment services

Addison, John T.; Altemeyer-Bartscher, Martin; Kuhn, Thomas - 2010

The poor performance often attributed to many public employment services may be explained in part by a delegation problem between the central office and local job centers. In markets characterized by frictions, job centers function as match-makers, linking job seekers with relevant vacancies....

Persistent link: https://www.econbiz.de/10010274618

Taxes and marriage: A two-sided search analysis

Chade, Hector; Ventura, Gustavo - 2000

This paper studies the effects of differential tax treatment toward married and single individuals in the US on marriage formation and composition, divorce and labor supply. We develop a marriage market model with search frictions and heterogeneous agents that is sufficiently rich to capture key...

Persistent link: https://www.econbiz.de/10010292010

A note on instability and indeterminacy in search and matching models

Krause, Michael U.; Lubik, Thomas A. - 2004

We demonstrate the possibility of indeterminacy and non-existence of equilibrium dynamics in a standard business cycle model with search and matching frictions in the labor market. Our results arise for empirically plausible parametrizations and do not rely upon a mechanism such as increasing...

Persistent link: https://www.econbiz.de/10010293499

Currency Portfolios and Currency Exchange in a Search Economy

Waller, Christopher Jude; Craig, Ben R. - 2001

We develop a dual currency search model to study equilibrium currency exchange and the determination of nominal exchange rates. Agents hold portfolios consisting of two distinct currencies. We study equilibria in which the two currencies are identical and equilibria in which the two currencies...

Persistent link: https://www.econbiz.de/10010295712

A Note on Optimal Stopping in Models with Delay

Gapeev, Pavel V.; Reiß, M. - 2003

We consider an optimal stopping problem in a certain model described by a stochastic delay differential equation. We reduce the initial problem to a free-boundary problem of parabolic type and prove the corresponding verification assertion. We also give an example of such an optimal stopping...

Persistent link: https://www.econbiz.de/10010296482

Lohndispersion und Arbeitslosigkeit: Neuere Ansätze in der Suchtheorie

Garloff, Alfred - 2003

führt, im Kontext der Suchtheorie valide ist. Auf dem Weg hin zu einer empirisch gültigen Theorie des Arbeitsmarktes stellt … Arbeitspapier neuere Entwicklungen innerhalb eines Zweiges informationsökonomischer Ansätze vorgestellt: der Suchtheorie. Dabei …, Firmen und Arbeitnehmer, Rechnung tragen. Standardergebnisse traditioneller ökonomischer Theorie sind im Lichte …

Persistent link: https://www.econbiz.de/10010297310

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