The impact of fiscal policy in an economy with a monopolistic output market but a perfectly competitive labor market is examined both in the short run, with a fixed number of firms, and in the long run with free entry. The main innovation of the paper is the generality of the assumptions about...

With a dynamic computable general equilibrium model with Pissarides and Mortensen and Pissarides type equilibrium unemployment, impacts of tax-transfer programmes are assessed for the UK. The model contains more desirable structure of households and production sectors and includes more type of...

This paper shows how any steady state distribution of ages and related hazard rates can be represented as a distribution across firms of completed contract lengths. The distribution is consistent with a Generalised Taylor Economy or a Generalised Calvo model with duration dependent reset...