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Persistenz und zyklische Schwankungen der Unterbeschäftigung in Gleichgewichtsmodellen mit rationalen Erwartungen
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 104 (1984), Iss. 6 : pp. 645–673
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Jaeger, Klaus
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Abstract
It is shown that in equilibrium models of business cycles with rational expectations cyclical movements of unemployment can only result a) with a lagged labor supply function or b) if the labor supply function is interdependently linked with other lagged quantity reaction functions and individuals cannot reliably seperate permanent and transitory components of each shock. Persistent unemployment is due to the last-mentioned inference problem. The causes of cycles under a) and b) are similar to those in „keynesian“ models (with additional lagged price adjustments). Furthermore, the LWSpostulate beeing not valid in general, both versions of business cycle models imply nearly the same stabilization policies