G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2070
DP2070 Golden Cages for Showy Birds: Optimal Switching Costs in Labour Markets
Carmen Matutes; Ramon Caminal; Roberto Burguet
发表日期1999-02-28
出版年1999
语种英语
摘要The 'core-periphery model' is vitiated by its assumption of static expectations. That is, migration (inter-regional or intersectoral) is the key to agglomeration, but migrants base their decision on current wage differences alone--even though migration predictably alters wages and workers are (implicitly) infinitely lived. The assumption was necessary for tractability. The model has multiple stable equilibria, so forward-looking behaviour requires characterisation of global stability in a non-linear dynamic system (a potentially intractable problem). This paper's main contribution is to present a set of solution techniques-partly analytic and partly numerical-that allows consideration of forward-looking expectations. Surprisingly, we find that if migration costs are sufficiently high, allowing forward-looking behaviour changes nothing, so static expectations are truly an assumption of convenience. If migration costs are lower, history-vs-expectations considerations emerge. Agglomeration, therefore, can be a self-fulfilling prophecy.
主题International Trade and Regional Economics
关键词Economic geography Forward looking expectaions
URLhttps://cepr.org/publications/dp2070
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531190
推荐引用方式
GB/T 7714
Carmen Matutes,Ramon Caminal,Roberto Burguet. DP2070 Golden Cages for Showy Birds: Optimal Switching Costs in Labour Markets. 1999.
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