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A dynamic small open economy model with involuntary unemployment

✍ Scribed by Zuzana Janko

Book ID
109171207
Publisher
John Wiley and Sons
Year
2011
Tongue
English
Weight
166 KB
Volume
44
Category
Article
ISSN
0008-4085

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We present a monetary general equilibrium model with labor market frictions in the form of search unemployment which is calibrated for the US economy. Interestingly, both employment and output may even increase with the rate of in ation depending on the elasticity of labor supply. Considering the tr