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| Tekijä: | Hian Teck Hoon Phelps, E.S. |
| Otsikko: | Macroeconomic shocks in a dynamized model of the natural rate of unemployment |
| Lehti: | American Economic Review
1992 : SEP, VOL. 82:4, p.889-900 |
| Asiasana: | UNEMPLOYMENT MACROECONOMIC MODELS EQUILIBRIUM ANALYSIS DYNAMIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | The theory of the equilibrium rate of unemployment is is revised and broadened , at the macroeconomic level. Salop's turnover model of the natural rate in its naturally intertemporal version is recreated. Useful findings on impact effects and the adjustment process at the individual firm, necessarily excluded by the static version, are shown to derive from the dynamical model. At the macroeconomic level, a general equilibrium analysis of some shocks is provided, showing how they drive the equilibrium unemployment rate and in varying ways also disturb the real rate of interest. The way is opened for a vastly richer understanding of the natural rate. |
SCIMA