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Models for Dynamic Macroeconomics$
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Fabio-Cesare Bagliano and Giuseppe Bertola

Print publication date: 2004

Print ISBN-13: 9780199266821

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199266824.001.0001

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Coordination and Externalities in Macroeconomics

Coordination and Externalities in Macroeconomics

Chapter:
(p.170) 5 Coordination and Externalities in Macroeconomics
Source:
Models for Dynamic Macroeconomics
Author(s):

Fabio-Cesare Bagliano (Contributor Webpage)

Giuseppe Bertola

Publisher:
Oxford University Press
DOI:10.1093/0199266824.003.0005

Focusses on the macroeconomic effects of strategic interactions among optimizing agents in several contexts. Trading externalities are introduced in a non‐monetary economy and the possibility of multiple equilibria is discussed. A search model of money is then presented, which formalizes the use of money as a medium of exchange. Finally, a model of the labour market characterized by a process of search on the part of workers and firms is studied, and the dynamics of frictional unemployment, vacancies, and wages are discussed.

Keywords:   frictional unemployment, money as a medium of exchange, multiple equilibria, search models, strategic interactions

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