Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70820
Authors: 
Felderer, Bernhard
Drost, André
Year of Publication: 
2000
Series/Report no.: 
Reihe Ökonomie / Economics Series, Institut für Höhere Studien (IHS) 81
Abstract: 
In many professional labor markets the number of new workers follows a cyclical time path. This phenomenon is usually explained by means of a cobweb model that is based on the assumptions of myopic wage expectations and occupational immobility. Since both assumptions are questioned by the empirical literature, we develop an alternative model that is based on the assumptions of rational wage expectations and perfect occupational mobility. Depending on the production function, the model can generate cycles in the number of workers who enter a professional labor market.
Subjects: 
occupational choice
rational expectations
occupational mobility
linear dynamics
JEL: 
I21
J44
Document Type: 
Working Paper

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