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The Nature of Equilibrium in Macroeconomics : A Critique of Equilibrium Search Theory
Aoki, Masanao - 2011
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/10013132096
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The Nature of Equilibrium in Macroeconomics : A Critique of Equilibrium Search Theory
Di Guilmi, Corrado - 2011
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/10013132205
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The nature of equilibrium in macroeconomics : a critique of equilibrium search theory
Aoki, Masanao (contributor); Yoshikawa, Hiroshi (contributor) - 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/10003783607
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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
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The nature of equilibrium in macroeconomics: A critique of equilibrium search theory
Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-37, pp. 1-9
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/10010299171
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The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
Aoki, Masanao; Yoshikawa, Hiroshi - Institut für Weltwirtschaft (IfW) - 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/10005083417
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The nature of equilibrium in macroeconomics: A critique of equilibrium search theory
Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics - The Open-Access, Open-Assessment E-Journal 3 (2009), pp. 1-9
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/10008561108
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Indeterminacy and search theory
Giammarioli, Nicola - 2003
This paper investigates a dynamic general equilibrium model with search. In particular, search externalities are 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...
Persistent link: https://www.econbiz.de/10009635902
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Optimal taxation in search equilibrium with home production
Engström, Per; Holmlund, Bertil; Kolm, Ann-Sofie - 2001
Persistent link: https://www.econbiz.de/10001627481
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Optimal taxation in search equilibrium with home production
Engström, Per; Holmlund, Bertil; Kolm, Ann-Sofie - 2001
The paper develops a two-sector general equilibrium search model where goods are produced exclusively in the market and services are produced both in the market and within the households. We use the model to examine how unemployment and welfare are affected by labor taxes in general and sectoral...
Persistent link: https://www.econbiz.de/10011586206