Social Psychology, Unemployment and Macroeconomics
构建了一个行为宏观经济学模型，纳入失业对心理健康的损害及由此导致的个人生产率下降，探讨了自然率假说、充分就业概念和失业滞后现象。
In a conventional macroeconomic model, following a policy change, as nominal wages adjust the economy returns to its original real levels of employment, output, and unemployment. This description of events ignores the social psychological consequences of exposure to unemployment. On theoretical grounds, unemployment is expected to damage psychological health, which in turn harms personal productivity. Empirical work supports both of these propositions. This paper presents a ‘behavioral’ macroeconomic model that accounts for elements of simultaneity between employment outcomes and psychological well-being. Implications of this model for the ‘natural’ rate hypothesis, the concept of full employment, and unemployment hysteresis are explored.