Showing 1 - 8 of 8
Persistent link: https://www.econbiz.de/10011998871
This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment rate) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large enough shocks initiate unavoidable transitions from one regime to the other. The...
Persistent link: https://www.econbiz.de/10009635968
Persistent link: https://www.econbiz.de/10009641076
Persistent link: https://www.econbiz.de/10009641209
Persistent link: https://www.econbiz.de/10009641210
Persistent link: https://www.econbiz.de/10009641211
Persistent link: https://www.econbiz.de/10011791245