Endogenous, efficient long-run cyclical unemployment, endogenous long-run growth, and division of labor
Publication in refereed journal

香港中文大學研究人員

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摘要The paper uses a dynamic equilibrium model to explain the concurrence of economic growth and business cycles. Introducing durable goods into a model with ex-ante identical consumer-producers and economies of specialized learning-by-doing, the author shows that when job-shifting costs, economies of specialized learning-by-doing, and trading efficiency are sufficiently large, a dynamic equilibrium with business cycles and unemployment might be Pareto superior to noncyclical growth patterns. Long-run cyclical unemployment still exists when the credit market is imperfect. Extending the model into overlapping generations framework, the author shows that complete division of labor with business cycles would still occur in equilibrium.
著者Du J.
期刊名稱Review of Development Economics
出版年份2003
月份5
日期1
卷號7
期次2
出版社Blackwell Publishing Inc.
出版地United Kingdom
頁次266 - 278
國際標準期刊號1363-6669
語言英式英語

上次更新時間 2020-02-09 於 00:07