Inflation and unemployment in competitive search equilibrium

Dong, M

Inflation and unemployment in competitive search equilibrium

Dong, M

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Publisher:: Cambridge University Press
Publication Type:: Journal Article
Citation:: Macroeconomic Dynamics, 2011, 15 (S2), pp. 252 - 268
Issue Date:: 2011-01

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Field	Value	Language
dc.contributor.author	Dong, M	en_US
dc.date.issued	2011-01	en_US
dc.identifier.citation	Macroeconomic Dynamics, 2011, 15 (S2), pp. 252 - 268	en_US
dc.identifier.issn	1365-1005	en_US
dc.identifier.uri	http://hdl.handle.net/10453/22633
dc.description.abstract	Rocheteau, Rupert, and Wright [Scandinavian Journal of Economics 109 (2007), 837-855] show that the relationship between inflation and unemployment can be positive or negative, depending on the primitives of the model. The key features are indivisible labor, nonseparable preferences, and bargaining. Their results are derived only for a special case of bargaining, take-it-or-leave-it offer by buyers. Instead of bargaining, this paper considers competitive search. I show that the results of Rocheteau et al. can be generalized to an environment where both buyers and sellers have nonseparable preferences. In addition, the relationship between inflation and unemployment is robust to allowing free entry by sellers, which cannot be studied in Rocheteau et al.	en_US
dc.publisher	Cambridge University Press	en_US
dc.relation.ispartof	Macroeconomic Dynamics	en_US
dc.relation.isbasedon	10.1017/S1365100510000799	en_US
dc.subject.classification	Economics	en_US
dc.title	Inflation and unemployment in competitive search equilibrium	en_US
dc.type	Journal Article
utslib.citation.volume	S2	en_US
utslib.citation.volume	15	en_US
utslib.for	1401 Economic Theory	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1403 Econometrics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	S2	en_US
pubs.volume	15	en_US

Abstract:

Rocheteau, Rupert, and Wright [Scandinavian Journal of Economics 109 (2007), 837-855] show that the relationship between inflation and unemployment can be positive or negative, depending on the primitives of the model. The key features are indivisible labor, nonseparable preferences, and bargaining. Their results are derived only for a special case of bargaining, take-it-or-leave-it offer by buyers. Instead of bargaining, this paper considers competitive search. I show that the results of Rocheteau et al. can be generalized to an environment where both buyers and sellers have nonseparable preferences. In addition, the relationship between inflation and unemployment is robust to allowing free entry by sellers, which cannot be studied in Rocheteau et al.

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http://hdl.handle.net/10453/22633