Irreversibility, uncertainty and underemployment equilibria

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Show simple item record Croix, David de la Licandro, Omar
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Economía 2008-09-22T10:25:01Z 2008-09-22T10:25:01Z 1994-11
dc.identifier.issn 2340-5031
dc.description.abstract In a competitive overlapping generation model, underutilization of labor and equipment can be due to the combination of irreversibility of human capital, physical capital and technology with idiosyncratic productivity shocks. Irreversibilities and uncertainty generate an inefficient allocation of resources among sectors, which takes the form of underemployment and underutilization of capacities at the aggregate level and affects the equilibrium path of capital. We provide examples in which this missallocation, called structural "mismatch," can be responsible, a.o., for an "inescapable poverty trap," or for periodic orbits generating endogenous fluctuations in underemployment.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries UC3M Working Papers. Economics
dc.relation.ispartofseries 1994-40-21
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.subject.other Underemployment
dc.subject.other Underutilization
dc.subject.other Irreversibility
dc.subject.other Poverty trap
dc.subject.other Endogenous Fluctuations
dc.title Irreversibility, uncertainty and underemployment equilibria
dc.type workingPaper
dc.type workingPaper
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
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