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THE MICROECONOMIC FOUNDATIONS OF THE
CONSUMPTION SUPPLY OF LABOR AND SEARCH
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actual rate adjoint variables adjustment analysis assumed assumption changes chapter complete behavior equations consumption control variables costs decrease differential equations discussion disequilibrium economic employed excess demand exogenously expected rate expected real wage firm's Hamiltonian higher implies individual firms inflation and unemployment labor force labor hours labor market lative macroeconomic marginal present value mathematical expectation maximization monopsony multiplier neoclassical number of customers number of employees number of labor optimal parameter partial derivatives perfect competition phase curve phase variables Phillips curve possible present value product price and wage price distribution problem quasi-equilibrium rate of inflation rate of interest rate of price rate of unemployment rate of unexpected rate of wage rationing relative price relative wage rate search activity shadow prices stationary solution stochastic substitution effect supply of information supply of labor tatonnement theory of inflation tion trajectory unemployed households unexpected price inflation utility functional wage increases