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- 2016-01-18 发布于湖北
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Learning and Efficiency with Search Frictions.pdf
Front．Econ．China2015，l0(3)：449—466
D0I10．3868／s060．004—0l5—0019—4
XiW eng
LearningandEfficiencywithSearch
Frictions
Abstract ThispaperstudiestheallocativeefficiencyinaMoscarini(2005)-type
equilibrium searchenvironmentwithlearning．Itisshownthatthestationaryequilib—
rium iSe笳cientifandonlyiftheHosiosconditionholdsnomatterwhetherlearning
isaboutfinn—specifichumancapitaloraboutgeneralhumancapita1．However，the
stationaryequilibriumcanneverbeefficientifexternalitiesexistfrom unemployment．
Incontrast．evenwithextemalities．thestationaryequilibrium canbee佑cientunder
somemodifiedHosiosconditi
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