Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
提出一个理论，当企业增加劳动力时，会提高需求并削弱其他企业的竞争，从而引发就业与产品市场条件之间的反馈，导致多重均衡和自我实现的失业波动。
We propose a theory of self-fulfilling unemployment fluctuations. When a firm increases its workforce, it raises demand and weakens competition facing other firms, as employed workers spend more and have less time to search for low prices than unemployed workers. These effects induce other firms to hire more labor in order to scale up their presence in the product market. The feedback between employment and product market conditions generates multiple equilibria—and the possibility of self-fulfilling fluctuations—if differences in shopping behavior between employed and unemployed are large enough. Evidence on spending, shopping, and prices suggests that this is the case.