Suchergebnisse

Modern economists have built models of the labor market, which isolate the market's key drivers and describe the way these interact to produce particular levels of unemployment. One of the most popular models used by macroeconomists today is the search-matching model of equilibrium unemployment. We explain this model, and show how it can be applied to understand the way various policies, such as unemployment benefits, taxes, or technological changes, can affect the unemployment rate.

Résumé Cet article étudie, dans le cadre d'un modèle d'appartement du chômage d'équilibre, les conséquences macroéconomiques de choix de recrutement discri­minatoires. Les chômeurs se différencient par une caractéristique extrinsèque à leur productivité (leur santé mentale, par exemple). La discrimination entre les chômeurs élève la part du chômage de longue durée, le salaire et le taux de chômage d'équilibre ; elle améliore le bien-être des travailleurs employés et des chômeurs non discriminés, mais diminue celui des firmes et des chômeurs discriminés.

Abstract
We develop a New Monetarist model in continuous time where agents trade continuously in competitive markets and infrequently in pairwise meetings. Agents can produce and consume both in flows over time intervals and in discrete quantities at points in time. We detail the methodology to solve individual optimisation problems and characterise the full set of perfect foresight equilibria. We illustrate the role of continuous time and the tractability of our approach with three applications related to monetary policy: (i) forward guidance with policy announcements; (ii) aggregate demand management and firm entry; (iii) open market operations with partially liquid assets.