| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9609 |
| DP9609 A Model of Aggregate Demand and Unemployment | |
| Emmanuel Saez; Pascal Michaillat | |
| 发表日期 | 2013-08-25 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We present a static model of aggregate demand and unemployment. The economy has a nonproduced good, a produced good, and labor. Product and labor markets have matching frictions. A general equilibrium is a set of prices, market tightnesses, and quantities such that buyers and sellers optimize given prices and tightnesses, and actual tightnesses equal posted tightnesses. In each frictional market, there is one more variable than equilibrium condition. To close the model, we take all prices as parameters. We obtain the following results: (1) unemployment and unsold production prevail in equilibrium; (2) each market can be slack, efficient, or tight if the price is too high, efficient, or too low; (3) product market tightness and sales are positively correlated under aggregate demand shocks but negatively correlated under aggregate supply shocks; (4) transfers from savers to spenders stimulate aggregate demand, product market tightness, and employment; (5) the government-purchase multiplier is positive when the economy is slack, zero when the economy is efficient, and negative when the economy is tight; (6) with unequal distribution of profits and labor income, a wage increase may stimulate aggregate demand and reduce unemployment. |
| 主题 | International Macroeconomics |
| 关键词 | Aggregate demand Labor market tightness Unemployment |
| URL | https://cepr.org/publications/dp9609 |
| 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/538444 |
| 推荐引用方式 GB/T 7714 | Emmanuel Saez,Pascal Michaillat. DP9609 A Model of Aggregate Demand and Unemployment. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
