in developing countries have multiple equilibria - the same economy can be stuck at different levels of unemployment with …-sharing among the poor is prevalent. It seems reasonable to posit that in such an economy more unemployment leads to more income … increases unemployment rates. As corollaries, we show that (1) within the same society, two different racial groups that may be …

In the most widely analyzed type of efficiency wage model of involuntary unemployment, firms pay wages in excess of … equilibrium unemployment act as a worker discipline device. This paper concerns what is usually considered the most important … involuntary unemployment. Explicit upfront bonds are only quite rarely observed. A more subtle form of the bonding critique argues …

This paper explores the decomposition of equilibrium unemployment into involuntary and frictional components using a … that reflects search frictions. Using standard values of calibrated parameters, we find that the bulk of unemployment is …

-market competition and growth on aggregate unemployment, but also how they affect the unemployment rates for the low- and high …

value-added can raise unemployment. …