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Instability and indeterminacy in a simple search and matching model

Michael Krause () and Thomas A. Lubik

Economic Quarterly, 2010, 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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