Instability and indeterminacy in a simple search and matching model
Date
2010
Authors
Krause, M.
Lubik, T.
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Working paper
Citation
Economic Quarterly, 2010; 96(3):259-272
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Michael U. Krause and Thomas A. Lubik
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Abstract
We demonstrate the possibility of indeterminacy and nonexistence of equilibrium dynamics in a standard business cycle model with search and matching frictions in the labor market. Our results arise for empirically plausible parameterizations and do not rely on a mechanism such as increasing returns.
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© 2010 Federal Reserve Bank of Richmond