| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6859 |
| DP6859 In Search of a Theory of Debt Management | |
| Albert Marcet; Andrew Scott; Elisa Faraglia | |
| 发表日期 | 2008-06-13 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper develops a political economy model of multiple unemployment equilibria to provide a theory of an endogenous natural rate of unemployment. This model is applied to the UK and the US interwar period which is remembered as the decade of mass unemployment. The theory here sees the natural rate and the associated path of unemployment as a reaction to shocks (mainly demand in nature) and the institutional structure of the economy. The channel through which these two forces feed on each other is a political economy process whereby voters with limited information on the natural rate react to shocks by demanding more or less social protection. The reduced form results obtained confirm a pattern of unemployment behaviour in which unemployment moves between high and low equilibria in response to shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Equilibrium unemployment Political economy Forecasting Bootstrapping "vicious" and "virtuous" circles |
| URL | https://cepr.org/publications/dp6859 |
| 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/535684 |
| 推荐引用方式 GB/T 7714 | Albert Marcet,Andrew Scott,Elisa Faraglia. DP6859 In Search of a Theory of Debt Management. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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