Equilibrium Unemployment Dynamics
研究Pissarides(1990)均衡失业模型在规模报酬递增生产与匹配函数规模报酬不变下的全局动态，推导多重均衡（含极限环）的条件并计算示例，发现存在帕累托占优均衡，揭示宏观经济协调问题。
The global dynamics of Pissarides' (1990) equilibrium model of aggregate unemployment are studied in the case of increasing returns to scale in production and constant returns to scale in the matching process. An equilibrium is a dynamic path for the aggregate number of matches generated by best‐response search and recruiting investment decisions under rational expectations. Necessary and sufficient conditions for multiple equilibria, including limit cycles, are derived, and illustrative examples are computed. The application of saddle‐loop bifurcation theory is a novel feature of the analysis. Since one equilibrium Pareto dominates all the others, a macroeconomic coordination problem exists.