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Supply, Demand, and Specialized Production / James D. Hamilton.
- Format:
- Book
- Author/Creator:
- Hamilton, James D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28888.
- NBER working paper series no. w28888
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- This paper develops a growth model characterized by equilibrium unemployment and sustained monopoly power. The level of demand is a key factor in deviations from the steady-state growth path with a Keynesian-type spending multiplier despite the absence of any nominal rigidities. The key friction in the model is the technological requirement that production of certain goods requires a dedicated team of workers that takes time to train and assemble.
- Notes:
- Print version record
- June 2021.
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