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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Quarterly

Third Quarter 2010

Instability and Indeterminacy in a Simple Search and Matching Model

We demonstrate the possibility of indeterminacy and nonexistence of equilibrium dynamics in a standard business cycle model with search and matching frictions in the labor market. Our results arise for empirically plausible parameterizations and do not rely on a mechanism such as increasing returns.

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Lisa Davis (804) 697-8179

Economic Quarterly

Instability and Indeterminacy in a Simple Search and Matching Model

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