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In this paper, we present a simple but rigorous model of the dynamics of output and Unemployment in transition. We consider a worker-entrepreneur, who is 'locked in' to her current production technique, with a choice of continuing to work with it or search for a better technique. If she succeeds...
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This paper examines transition dynamics in a search economy. We contrast two extreme cases: a completely unexpected reform and a fully anticipated reform. We view the former as a metaphor for a reform being announced and implemented with immediate effect, the latter as a metaphor for a reform...
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