Economic systems produce robust statistical patterns in key sate variables including prices and incomes. Statistical equilibrium methods explain the distributional proper- ties of state variables as arising from specific institutional and behavioral postulates. Two traditions have developed in...

Economic systems produce robust statistical patterns in key sate variables including prices and incomes. Statistical equilibrium methods explain the distributional proper- ties of state variables as arising from specific institutional and behavioral postulates. Two traditions have developed in...

In a setting that focuses on efficient dynamic hours-workers substitution we show that contingent worksharing contributes to workers retention during bad business spells and to sustained hiring during good spells. As a consequence, average employment increases on both accounts. We also show that...