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Bounded rationality and unemployment dynamics
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dc.contributor.author | Evans, David | |
dc.contributor.author | Evans, George W. | |
dc.contributor.author | McGough, Bruce | |
dc.date.accessioned | 2022-11-19T00:40:18Z | |
dc.date.available | 2022-11-19T00:40:18Z | |
dc.date.issued | 2021-11-19 | |
dc.identifier | 276801758 | |
dc.identifier | 8aaa04f8-f512-4b77-9b6d-78a3c610f3c6 | |
dc.identifier | 85120715421 | |
dc.identifier | 000788099600005 | |
dc.identifier.citation | Evans , D , Evans , G W & McGough , B 2021 , ' Bounded rationality and unemployment dynamics ' , Economics Letters , vol. In Press , 110150 . https://doi.org/10.1016/j.econlet.2021.110150 | en |
dc.identifier.issn | 0165-1765 | |
dc.identifier.other | Jisc: 786cb7dd99ea49058afb5d65fa13111d | |
dc.identifier.uri | https://hdl.handle.net/10023/26441 | |
dc.description.abstract | Using the bounded rationality implementation developed in Evans et al. (2021) , we consider unemployment dynamics driven by aggregate productivity shocks within a McCall-type labor-search model. We find that bounded rationality magnifies the impact effect of a decline in productivity on unemployment. Boundedly rational agents are overly pessimistic about wage offers during the course of a recession, resulting in higher unemployment relative to the rational model. | |
dc.format.extent | 484091 | |
dc.language.iso | eng | |
dc.relation.ispartof | Economics Letters | en |
dc.subject | Search and unemployment | en |
dc.subject | Adaptive learning | en |
dc.subject | Bounded rationality | en |
dc.subject | Business cycles | en |
dc.subject | H Social Sciences | en |
dc.subject | T-NDAS | en |
dc.subject | SDG 8 - Decent Work and Economic Growth | en |
dc.subject | AC | en |
dc.subject.lcc | H | en |
dc.title | Bounded rationality and unemployment dynamics | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | 10.1016/j.econlet.2021.110150 | |
dc.description.status | Peer reviewed | en |
dc.date.embargoedUntil | 2022-11-19 |
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