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An Equilibrium Model of Search Unemployment
Abstract
This paper develops a simple general equilibrium model with sequential search in which a nondegenerate wage offer distribution is endogenously determined. We use this model to analyze the comparative statics effects of increases in unemployment compensation on the unemployment rate and aggregate welfare taking into account the induced change in the wage offer distribution. Our results differ significantly from the predictions of the standard "partial-partial" model. For example, one can expect a selective increase in unemployment compensation, made available to those who impute a relatively low value to leisure, to decrease the equilibrium rate of unemployment.
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Citations
Cited by
Search-Theoretic Models of the Labor Market: A Survey
Rogerson, R., Shimer, R., & Wright, R. (2005) · Journal of Economic Literature · doi:10.1257/002205105775362014 · Cited by 1,051
Firms and Labor Market Inequality: Evidence and Some Theory
Card, D., Cardoso, A. R., Heining, J., & Kline, P. (2018) · Journal of Labor Economics · doi:10.1086/694153 · Cited by 919
(2010) · International Economic Review · doi:10.1111/(issn)1468-2354 · Cited by 911
Equilibrium Wage Dispersion with Worker and Employer Heterogeneity
Postel-Vinay, F., & Robin, J.-M. (2002) · Econometrica · doi:10.1111/1468-0262.00377 · Cited by 718
Dynamic discrete choice structural models: A survey
Aguirregabiria, V., & Mira, P. (2010) · Journal of Econometrics · doi:10.1016/j.jeconom.2009.09.007 · Cited by 458
Metadata
- Authors
- Albrecht, J. W., & Axell, B.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1984-10
- Volume
- 92
- Issue
- 5
- Pages
- 824-840
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2042478223
- Cited by
- 322
- References
- 0
- FWCI
- 10.55
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: An Equilibrium Model of Search Unemployment. https://app.cochat.ai/papers/10.1086/261260
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- Albrecht, J. W., & Axell, B. (1984). An Equilibrium Model of Search Unemployment. Journal of Political Economy. https://doi.org/10.1086/261260
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
