Consumer Demand and Equilibrium Unemployment in a Working Model of the Customer-Market Incentive-Wage Economy
构建了一个微观理论模型，从一般均衡角度推导自然失业率路径，发现消费者需求上升会推高实际利率，进而提高自然失业率。
Though not conceived as a constant, the natural unemployment rate was taken to be invariant to supply shocks until the late seventies and to real demand shocks until now. The largely micro-theoretic model here is one in a series deriving the natural rate path from general equilibrium. In this model the labor market exhibits generalized real-wage rigidity, resulting from the use of "incentive wages" to combat shirking, and the asset backing shares is the firms' customers, arising from customer-market friction. One finding is that increased consumer demand drives up the natural rate by driving real interest rates up.