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- W3126003720 abstract "This paper examines transition dynamics in a search economy. We contrast two extreme cases: a completely unexpected reform and a fully anticipated reform. We show that announcing the reform in advance leads to stagnation in anticipation and output cycles after the implementation, that are more volatile than had a reform of identical magnitude been implemented immediately. However, the more volatile output trajectory of the anticipated case yields a higher PDV of output than an unanticipated reform of equal magnitude. This suggests that an anticipated reform is better than an unanticipated reform, even though the former induces greater volatility." @default.
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- W3126003720 date "2004-06-01" @default.
- W3126003720 modified "2023-09-23" @default.
- W3126003720 title "Output and unemployment dynamics in transition" @default.
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- W3126003720 doi "https://doi.org/10.1080/1384128042000202379" @default.
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