Title of article
How toreduceunemployment:Anewpolicyproposal
Author/Authors
Roger E. A. Farmer، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
16
From page
557
To page
572
Abstract
This paperusesamodelwithacontinuumofequilibriumsteadystateunemployment
ratestoexploretheeffectivenessoffiscalpolicy.Theexistenceofmultiplesteadystate
equilibriaisexplainedbythepresenceofsearchandrecruitingcosts.Iusethemodelto
explain thecurrentfinancialcrisisasashifttoahighunemploymentequilibrium,
inducedbytheself-fulfillingbeliefsofmarketparticipantsaboutassetprices.Iasktwo
questions.(1)Canfiscalpolicyhelpusoutofthecrisis?(2)Isthereanalternativeto
fiscalpolicythatislesscostlyandmoreeffective?Theanswertobothquestionsisyes
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846412
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