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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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We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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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

Third Quarter 2010

Instability and Indeterminacy in a Simple Search and Matching Model

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