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We develop an aggregate demand analysis of a small open economy based on all agents' dynamic optimization. Murota and Ono (2015) present a simple Keynesian cross analysis with dynamic optimization. This paper extends it to a small-country setting with two factors and two commodities, of which...
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Post Keynesian (PK) growth models typically fail to model unemployment. That shows up in the absence of any equilibrium … or exploding unemployment rate. The underlying analytical problem is failure to resolve the Harrod (1939) knife edge …
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The job finding rate of Unemployment Insurance (UI) recipients declines in the initial months of unemployment and then … effort. The panel structure allows us to observe how search effort evolves within individual over the unemployment spell. We …
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significantly contribute to the rise in unemployment during the Great Recession. I build a general equilibrium model that uses … significantly contribute to aggregate unemployment fluctuations. …
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The focus of our study is on determining whether unemployment rates in 8 New Industrialized Economies conform to the … findings and confirms hysteresis in all unemployment rates except for Asian economies/countries of Thailand and the Philippines. …
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