A Congestion Theory of Unemployment Fluctuations
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下载链接：
https://www.nber.org/papers/w28771
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资源简介：
We propose a theory of unemployment fluctuations in which new-hires and incumbent-workers are imperfect substitutes. Hence, attempts to hire away the unemployed during recessions diminish the marginal product of new hires, discouraging job creation. This single feature achieves a ten-fold increase
提供机构：
美国国家经济研究局
创建时间：
2021-05-01
