Hysteresis and Multiple Equilibrium Models of Unemployment
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Lynn A. Pollnow', 'PO_EMAI': None, 'PO_PHON': None}
The purpose of this project is to investigate optimizing models                 of unemployment in which the long-run equilibrium rate of unemployment          is not unique.  In the case of these models, the equilibrium rate of            unemployment actually realized depends on the history of significant            events affecting the economy.  For example, shocks to the economy such          as an oil embargo can affect the long-run equilibrium unemployment              rate.    Classical economic theory puts great stress on a unique                equilibrium for output and employment.  Questioning this fundamental            proposition by testing these optimizing models may have important               implications for stabilization policy.                                                                                                                          Two types of optimizing models are analyzed in this project. In                 the first, current unemployment may depend on past events because in            response to negative employment shocks those still employed raise               wages, making the effect of transitory shocks more permanent.  In the           second part, a dynamic business cycle model is developed based on               difficulties of unemployed workers and firms with vacancies finding one         another.  It is then shown how this model can replicate co-movements in         unemployment and other macroeconomic variables.
{'FirstName': 'Allan', 'LastName': 'Drazen', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Allan Drazen', 'EmailAddress': 'drazen@econ.umd.edu', 'NSF_ID': '000396820', 'StartDate': '11/15/1987', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'National Bureau of Economic Research Inc', 'CityName': 'CAMBRIDGE', 'ZipCode': '021385359', 'PhoneNumber': '6178683900', 'StreetAddress': '1050 MASSACHUSETTS AVE', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Massachusetts', 'StateCode': 'MA', 'CONGRESSDISTRICT': '05', 'CONGRESS_DISTRICT_ORG': 'MA05', 'ORG_UEI_NUM': 'GT28BRBA2Q49', 'ORG_LGL_BUS_NAME': 'NATIONAL BUREAU OF ECONOMIC RESEARCH INC', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8706808.xml'}