000			02257cam a22003617 4500
001			w18777
003			NBER
005			20211020110347.0
006			m o d
007			cr cnu||||||||
008			210910s2013 mau fo 000 0 eng d
100	1		_aKaplan, Greg. _933349
245	1	0	_aShopping Externalities and Self-Fulfilling Unemployment Fluctuations / _cGreg Kaplan, Guido Menzio.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2013.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w18777
500			_aFebruary 2013.
520	3		_aWe propose a novel theory of self-fulfilling unemployment fluctuations. According to this theory, a firm hiring an additional worker creates positive external effects on other firms, as a worker has more income to spend and less time to search for low prices when he is employed than when he is unemployed. In response to the increase in demand and prices, other firms enter or increase their presence in the product market by hiring additional workers. We quantify the external effects of employment on demand and prices and show that they are sufficiently strong to generate multiple rational expectations equilibria and, hence, self-fulfilling economic fluctuations.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD11 - Consumer Economics: Theory _2Journal of Economic Literature class.
690		7	_aD21 - Firm Behavior: Theory _2Journal of Economic Literature class.
690		7	_aD43 - Oligopoly and Other Forms of Market Imperfection _2Journal of Economic Literature class.
690		7	_aE32 - Business Fluctuations • Cycles _2Journal of Economic Literature class.
700	1		_aMenzio, Guido. _930157
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w18777.
856	4	0	_uhttps://www.nber.org/papers/w18777
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w18777
942			_2ddc _cW-PAPER
999			_c329346 _d287908