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|Title:||Macroeconomic shocks in a dynamized model of the natural rate of unemployment|
|Authors:||Hian Teck Hoon |
|Source:||Hian Teck Hoon,Phelps, E.S. (1992). Macroeconomic shocks in a dynamized model of the natural rate of unemployment. American Economic Review 82 (4) : 889-900. ScholarBank@NUS Repository.|
|Abstract:||At the microeconomic level, this paper revises and broadens the theory of the equilibrium rate of unemployment, the "natural rate' in a monetary model. We begin by reacting Salop's turnover model of the natural rate in its naturally intertemporal version. 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 dynamized model. At the macroeconomic level, we then provide a general-equilibrium analysis of some shocks showing how they drive the equilibrium unemployment rate and in varying ways also disturb the real rate of interest. -Author|
|Source Title:||American Economic Review|
|Appears in Collections:||Staff Publications|
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