期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2002
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：We provide empirical evidence from a number of European countries, which shows that
unemployment and output are positively related when unemployment is low and inversely
related when unemployment is high. We then construct a stylised macro-model with goods
and labour market imperfections to show that the economy can rationally operate at an
inefficient equilibrium in the neighbourhood of which the relationship between output and
unemployment is positive. Our results suggest that circumstances exist in which market
imperfections pose serious obstacles to the smooth working of expansionary and/or
stabilization policies whose final aim is to improve welfare.
