Irreversibility, uncertainty and underemployment equilibria

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dc.contributor.author Croix, David de la
dc.contributor.author Licandro, Omar
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned 2008-09-22T10:25:01Z
dc.date.available 2008-09-22T10:25:01Z
dc.date.issued 1994-11
dc.identifier.issn 2340-5031
dc.identifier.uri http://hdl.handle.net/10016/2970
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.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
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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