Cyclical equilibria in multi-sector productive economies: the role of substitution and factor density

Article Abstract:

An examination of the conditions for the existence of cyclical perfect foresight equilibrium paths in a two-sector overlapping generations model in which various consumption goods exist had established the presence of cyclical orbits under more diversified conditions. Assumptions on factor intensity are not enough to establish the insignificance of cyclical equilibria. In addition, the existence of limit cycles was found to be possible for substantial amounts of substitution possibilities in production.

Equilibrium (Economics)

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Theory ahead of language in the economics of unemployment

Article Abstract:

The terms and phrases used by economists in their studies on unemployment are important in facilitating the communication process between researchers and the general public. These theoretical concepts, such as equilibrium unemployment, efficient unemployment and deterministic steady state unemployment, are important in illustrating the dynamic stochastic general equilibrium model of unemployment.

Economics, Unemployment, Terminology

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On testing the intertemporal subtitution theory of labor supply

Article Abstract:

An analysis empirical tests done for the intertemporal substitution theory of labor supply is presented. The analysis considers the assumption of such tests that only labor demand shocks generate variances in work hours and wages. It is shown that these tests are subject to minimal deviations. The application of a standard real business cycle model rejects the theory despite demand curve shocks.

Economic aspects, Labor supply, Labor force

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