Business Cycles with Costly Search and Recruiting
构建了一个商业周期模型，其中产出在卢卡斯-菲尔普斯岛屿上交易，劳动力通过昂贵搜寻和招聘交换，产生持续的非自愿失业和低效均衡，且就业波动不伴随实际工资变化。
A business cycle model is developed in which output is traded on Lucas-Phelps islands and labor services on each island are exchanged through costly search and recruiting with transactions externalities. The model exhibits persistent involuntary unemployment and inefficient equilibria, even though there are no nominal rigidities and no unexploited privately attainable gains from trade. It also exhibits employment fluctuations without any real-wage fluctuations. It yields a Lucas aggregate-supply curve (to a linear approximation). It also implies that the natural rate of unemployment depends positively upon the variability and persistence of relative price shocks.