Imperfect Competition, Capital Shortages and Unemployment Persistence
构建了一个融合不完全竞争宏观经济学和真实商业周期传统的动态模型，发现资本短缺与劳动力市场不完全竞争的结合会导致失业，且这种失业具有高度持续性。
We construct a model integrating the traditions of imperfect competition macroeconomics and real business cycles. For this we study a dynamic economy with optimizing households, firms and trade unions subject to stochastic shocks. We can derive closed form solutions for the behaviour of all agents. It is found that the combination of capital shortages and imperfect competition in labor markets can give rise to unemployment, and that this unemployment is quite persistent, even when the underlying shocks are not.