Instability and indeterminacy in a simple search and matching model
Michael Krause and
Thomas Lubik
Economic Quarterly, 2010, vol. 96, issue 3Q, 259-272
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.
Keywords: Labor market; Business cycles (search for similar items in EconPapers)
Date: 2010
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