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Title: Macroeconomic shocks in a dynamized model of the natural rate of unemployment
Authors: Hian Teck Hoon 
Phelps, E.S.
Issue Date: 1992
Citation: 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
ISSN: 00028282
Appears in Collections:Staff Publications

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