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A Simple Nonlinear Dynamic Model for Unemployment: Explaining the Spanish Case
2008
Discrete Dynamics in Nature and Society
Spanish unemployment is characterized by three distinct regimes of low, medium, and high unemployment and by a fast transition between them. This paper presents a simple nonlinear dynamic model that is able to explain this behavior with multiple equilibria and jumps describing the transition between equilibria. The model has only a small number of parameters capturing the fundamentals of labor markets and macroeconomic and institutional factors. The model is capable of generating unemployment
doi:10.1155/2008/981952
fatcat:5jaqnepouzc6pdej36bloe6lnm