The natural rate of unemployment in Korea: estimations and implications
Article Abstract:
Korea has a lower natural unemployment rate compared with other Organization for Economic Cooperation and Development countries because of increasing participation of female workers and the decreasing participation of young workers in the labor market. Efficient job matching between applicants and vacancies is also possible because of the country's small size. However, institutional obstacles, employment insurance systems and other unemployment benefits are expected to increase the natural rate because they prolong unemployment periods.
Publication Name: Journal of Comparative Economics
Subject: Economics
ISSN: 0147-5967
Year: 1996
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Instability of general equilibrium in a labor-managed economy
Article Abstract:
A study was conducted to evaluate the stability of general equilibrium allocations under a labor-managed economy (LME). The study considers the variation in fundamental behavior between equilibrium and non-equilibrium conditions for Pareto-efficient allocations of the LME. Results show that LME allocations are inherently unstable. This instability is the product of the perverse supply effect which constrains a firm's output reaction to changes in price.
Publication Name: Journal of Comparative Economics
Subject: Economics
ISSN: 0147-5967
Year: 1993
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The inconsistencies among disequilibrium aggregates
Article Abstract:
Astudy was conducted to examine disequilibrium aggregates (DEAs). The study focuses on DEA inconsistencies and considers the correlation among sample variables such as general shortages, forced savings, monetary overhang and repressed inflation. Results show that such inconsistencies are carried over by spillover effects and the aggregation problem. In addition, relationships which govern DEAs exhibit much complexity.
Publication Name: Journal of Comparative Economics
Subject: Economics
ISSN: 0147-5967
Year: 1993
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