This paper points out limitations of the standard labor search theory. It then proposes an alternative concept of stochastic macro-equilibrium based on the principle of statistical physics. It also presents a model which mimics the empirically observed distribution of labor productivity. The distribution of productivity depends crucially on aggregate demand. When aggregate demand rises, more workers are employed by firms with higher productivity. The result provides a micro-foundation for Keynes'principle of effective demand.
内容記述
Revised in April 2012.
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雑誌名
Discussion paper series. CIRJE-F
巻
CIRJE-F-827
発行年
2011-12
書誌レコードID
AA11450569
フォーマット
application/pdf
日本十進分類法
335
出版者
日本経済国際共同センター
出版者別名
Center for International Research on the Japanese Economy
Stochastic Macro-equilibrium and the Principle of Effective Demand
