Labor market polarization and international macroeconomic dynamics
In: Journal of Monetary Economics, Band 79, S. 1-16
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In: Journal of Monetary Economics, Band 79, S. 1-16
In: Journal of monetary economics, Band 79, S. 1-16
In: Journal of monetary economics, Band 79, Heft May, S. 1-16
ISSN: 0304-3932
In: Journal of development economics, Band 102, S. 128-147
ISSN: 0304-3878
In: Journal of international economics, Band 81, Heft 1, S. 122-138
ISSN: 0022-1996
In: Journal of Monetary Economics, Band 109, S. 86-103
In: Journal of Monetary Economics, Band 59, Heft 2, S. 196-213
In: Journal of monetary economics, Band 59, Heft 2, S. 196-213
In: Journal of development economics, Band 151, S. 102656
ISSN: 0304-3878
In: Journal of development economics, Band 151, S. 1-15
ISSN: 0304-3878
World Affairs Online
In: Journal of international economics, Band 103, S. 184-199
ISSN: 0022-1996
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 37, Heft 12, S. 1914-1925
In: Journal of international economics, Band 79, Heft 1, S. 102-116
ISSN: 0022-1996
We develop a quantitative business cycle model with search complementarities in the inter-firm matching process that entails a multiplicity of equilibria. An active equilibrium with strong joint venture formation, large output, and low unemployment coexists with a passive equilibrium with low joint venture formation, low output, and high unemployment. Changes in fundamentals move the system between the two equilibria, generating large and persistent business cycle fluctuations. The volatility of shocks is important for the selection and duration of each equilibrium. Sufficiently adverse shocks in periods of low macroeconomic volatility trigger severe and protracted downturns. The magnitude of government intervention is critical to foster economic recovery in the passive equilibrium, while it plays a limited role in the active equilibrium.
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