A Theory of Efficient Business Cycles and Unemployment

Xiaokai Yang

Working Papers from Harvard - Institute for International Development

Abstract: This paper introduces job-shifting costs and durable producer goods into a framework with consumer-producers, economies of specialized learning by doing and transaction costs, developed by Yang and Borland [1991] to explore the intimate relationship among the following three phenomena simultaneously: (1) Long-run endogenous, efficient, and regular business cycles, (2) Long-run endogenous, efficient and cyclical unemployment, and (3) Long-run and endogenous growth.

Keywords: BUSINESS CYCLES; UNEMPLOYMENT; ECONOMIC GROWTH (search for similar items in EconPapers)
JEL-codes: E24 E32 (search for similar items in EconPapers)
Date: 1998

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