Arbeitspapier
Unemployment and indeterminacy
Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is shown that the less unemployment insurance is, the more likely equilibrium is to be indeterminate. Equilibrium can be indeterminate even without externalities or increasing returns, which makes a sharp contrast to the recent literature on indeterminacy. Our result is based on the fact that the no-shirking condition with marginal utility ofw ealth kept constant is downward sloping when income insurance is not perfect.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2003-24
- Klassifikation
-
Wirtschaft
General Aggregative Models: General
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
Labor Contracts
- Thema
-
involuntary unemployment
efficiency wage
indeterminacy
sunspots
Effizienzlohn
Arbeitslosenversicherung
Sunspot
Theorie
Unfreiwillige Arbeitslosigkeit
Gleichgewicht
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Nakajima, Tomoyuki
- Ereignis
-
Veröffentlichung
- (wer)
-
Brown University, Department of Economics
- (wo)
-
Providence, RI
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Nakajima, Tomoyuki
- Brown University, Department of Economics
Entstanden
- 2003
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