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This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment … European unemployment rates observed during the seventies. The explanation given is that even if the unemployment rate would … decrease it can only do so gradually because of matching frictions which in turn implies that the tax burden remains high and …
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This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...
Persistent link: https://www.econbiz.de/10009635897
reßected by an increasing returns to scale matching function, which may imply an indeterminate equilibrium. Hence, the model is … capable to generate business ßuctuations, driven by self-fulÞlling belief, characterised by unemployment persistence. A …
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general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price …
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Development, 25% to Water and Sanitation, 7% to Governance (Legislative and Justice), 17% to Health, 12% to Education and 7% to …
Persistent link: https://www.econbiz.de/10011799355