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■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s ❙♣❛t✐❛❧ ❧❛❜♦r ♠❛r❦❡t ❢r✐❝t✐♦♥s ❛♥❞ ❡❝♦♥♦♠✐❝ ❝♦♥✈❡r❣❡♥❝❡✿ ♣♦❧✐❝② ✐♠♣❧✐❝❛t✐♦♥s ❢r♦♠ ❛ ❤❡t❡r♦❣❡♥❡♦✉s ❛❣❡♥t ♠♦❞❡❧ P❤✐❧✐♣♣ ❍❛rt✐♥❣ ✶ ✱ ❍❡r❜❡rt ❉❛✇✐❞ ✶ ✱ ❛♥❞ ▼✐❝❤❛❡❧ ◆❡✉❣❛rt ✷ ✶ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ✷ ❚❡❝❤♥✐❝❛❧ ❯♥✐✈❡rs✐t② ♦❢ ❉❛r♠st❛❞t ✶✶✳ ❙❡♣t❡♠❜❡r ✷✵✶✷ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✶

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s ■♥tr♦❞✉❝t✐♦♥ ✶ ❚❤❡ ▼♦❞❡❧ ✷ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ✸ ❘❡s✉❧ts ✹ ❇❛s❡ ❙❝❡♥❛r✐♦ ❍❈ P♦❧✐❝② ❚❡❝❤ P♦❧✐❝② ❈♦♥❝❧✉s✐♦♥s ✺ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✷

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s ▼♦t✐✈❛t✐♦♥ ❋r♦♠✿ ❘❡♣♦rt ♦❢ t❤❡ ❊✉r♦♣❡❛♥ ❈♦♠♠✐ss✐♦♥✳ ❊✉r♦♣❡❛♥ ❯♥✐♦♥ → ✐♥t❡❣r❛t✐♦♥ ♣r♦❝❡ss ♦❢ ❡❝♦♥♦♠✐❡s ✇✐t❤ ❞✐✛❡r✐♥❣ ♣❡r✲❝❛♣✐t❛ ●❉P✳ ❋❛❝✐❧✐t❛t✐♦♥ ♦❢ ❝♦♥✈❡r❣❡♥❝❡ ♦❢ ♣❡r✲❝❛♣✐t❛ ✐♥❝♦♠❡ ❛♥❞ ♣r♦❞✉❝t✐✈✐t② ❛♠♦♥❣ ❊✉r♦♣❡❛♥ r❡❣✐♦♥s ✐s ♦♥❡ ♦❢ t❤❡ ♠❛✐♥ ❣♦❛❧s ♦❢ ❊❯ ✭❡❝♦♥♦♠✐❝✮ ♣♦❧✐❝②✳ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✸

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s P♦❧✐❝✐❡s ❆❜♦✉t ✵✳✹ ✪ ♦❢ t❤❡ t♦t❛❧ ●❉P ♦❢ t❤❡ ❊❯ ✐s s♣❡♥t ❢♦r ❝♦❤❡s✐♦♥ ♣♦❧✐❝✐❡s✳ ✷ ♠❛✐♥ ♣♦❧✐❝② ✐♥str✉♠❡♥ts✿ ❊✉r♦♣❡❛♥ ❘❡❣✐♦♥❛❧ ❉❡✈❡❧♦♣♠❡♥t ❋✉♥❞ ❊❘❉❋ ✭❊✉r♦ ✷✵✶ ❜♥✱ ✷✵✵✼✲✷✵✶✸✮ ❉✐r❡❝t ❛✐❞ t♦ ✐♥✈❡st♠❡♥ts ✐♥ ❝♦♠♣❛♥✐❡s ■♥❢r❛str✉❝t✉r❡ ❧✐♥❦❡❞ ♥♦t❛❜❧② t♦ r❡s❡❛r❝❤ ❛♥❞ ✐♥♥♦✈❛t✐♦♥ ✳✳✳ ❊✉r♦♣❡❛♥ ❙♦❝✐❛❧ ❋✉♥❞ ✭❊✉r♦ ✼✻ ❜♥✱ ✷✵✵✼✲✷✵✶✸✮ ❙tr❡♥❣t❤❡♥✐♥❣ ❤✉♠❛♥ ❝❛♣✐t❛❧ ❆❞❛♣t✐♥❣ ✇♦r❦❡rs ❛♥❞ ❡♥t❡r♣r✐s❡s ✳✳✳ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✹

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s ❘❡s❡❛r❝❤ ◗✉❡st✐♦♥s ❉♦ t❤❡ ❝♦♥s✐❞❡r❡❞ ♣♦❧✐❝✐❡s ✐♥❞❡❡❞ ❢♦st❡r ❝♦♥✈❡r❣❡♥❝❡ ✐♥ ♦✉t♣✉t✴ ♦✉t♣✉t ❣r♦✇t❤✴ t❡❝❤♥♦❧♦❣②❄ ❍♦✇ ❛r❡ t❤❡ ♣♦❧✐❝② ❡✛❡❝ts ✐♥✢✉❡♥❝❡❞ ❜② ❧❛❜♦r ♠♦❜✐❧✐t②❄ ✭❉♦❡s t✐♠✐♥❣ ❛♥❞ s❡q✉❡♥❝✐♥❣ ♦❢ ♣♦❧✐❝② ✐♥tr♦❞✉❝t✐♦♥ ❤❛✈❡ ❛♥ ❡✛❡❝t❄✮ ✭■s t❤❡ ❡✛❡❝t ♦❢ ❝♦♠❜✐♥❡❞ ❛♣♣❧✐❝❛t✐♦♥ ♦❢ t❤❡s❡ ♣♦❧✐❝✐❡s q✉❛❧✐t❛t✐✈❡❧② ❞✐✛❡r❡♥t ❢r♦♠ ✐s♦❧❛t❡❞ ❛♣♣❧✐❝❛t✐♦♥❄✮ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✺

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s ❚❤❡ ❊✉r❛❝❡❅❯♥✐❜✐ ▼♦❞❡❧ ❈❧♦s❡❞ ♠❛❝r♦❡❝♦♥♦♠✐❝ ❆❣❡♥t✲❇❛s❡❞ ♠♦❞❡❧ s✉❜st❛♥t✐❛❧❧② ❡①t❡♥❞✐♥❣ t❤❡ ♠♦❞❡❧ ❞❡✈❡❧♦♣❡❞ ❞✉r✐♥❣ t❤❡ ❊❯✲❢✉♥❞❡❞ ♣r♦❥❡❝t ❊❯❘❆❈❊ ✭✷✵✵✻✲✷✵✵✾✮✳ ❖✈❡r❛❧❧ ❖❜❥❡❝t✐✈❡ ✿ ❉❡✈❡❧♦♣ ❛♥ ❛❣❡♥t✲❜❛s❡❞ s✐♠✉❧❛t✐♦♥ ♣❧❛t❢♦r♠ t❤❛t ✐s s✉✐t❛❜❧❡ ❢♦r ✭♠❛❝r♦✮❡❝♦♥♦♠✐❝ ❛♥❛❧②s✐s ❛♥❞ t❤❡ ❡✈❛❧✉❛t✐♦♥ ♦❢ t❤❡ ❡✛❡❝t ♦❢ ❡❝♦♥♦♠✐❝ ♣♦❧✐❝② ♠❡❛s✉r❡s✳ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✻

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s Agent CG Firms Decisions Credit Employer Producer Buyer Market wage schedule cgood supply labor demand posted prices igood demand vintage choice Banks Interaction/Exchange Financial Market Cons. Labor Good Capital Market Good Market (search & Market (local malls) matching) ECB cgood demand cons. choice igood supply vintage menu posted prices labor supply reserv. wage Employee Consumer Producer Policy Decisions Measures Innovation Agent Government Households IG Firm P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✼

■♥tr♦❞✉❝t✐♦♥ ❚❤❡ ▼♦❞❡❧ ❙❡t ✉♣ ♦❢ t❤❡ ▼♦❞❡❧ ❘❡s✉❧ts ❈♦♥❝❧✉s✐♦♥s Pr♦❞✉❝t✐♦♥ ♦❢ ❈♦♥s✉♠♣t✐♦♥ ●♦♦❞s ❈♦♥s✉♠♣t✐♦♥ ❣♦♦❞s ❛r❡ ♣r♦❞✉❝❡❞ ✉s✐♥❣ ✭✈✐♥t❛❣❡ str✉❝t✉r❡❞✮ ❝❛♣✐t❛❧ ❛♥❞ ❧❛❜♦r✳ ❈♦♠♣❧❡♠❡♥t❛r✐t② ❜❡t✇❡❡♥ q✉❛❧✐t② ♦❢ ✐♥✈❡st♠❡♥t ❣♦♦❞s ❛♥❞ ❧❡✈❡❧ ♦❢ s♣❡❝✐✜❝ s❦✐❧❧s ♦❢ ✇♦r❦❡rs✳ ❉✐st✐♥❝t✐♦♥ ❜❡t✇❡❡♥ ❣❡♥❡r❛❧ ❛♥❞ s♣❡❝✐✜❝ s❦✐❧❧s✳ ■❢ ❝❛♣✐t❛❧ st♦❝❦ ✐s ♥♦t ❢✉❧❧② ✉s❡❞✱ ♦❧❞❡st ✈✐♥t❛❣❡s ❛r❡ ♠❛❞❡ ✐♥❛❝t✐✈❡ ✜rst✳ ❆❝t✉❛❧ ♣r♦❞✉❝t✐✈✐t② ♦❢ ❡❛❝❤ ✈✐♥t❛❣❡ ✐s ❞❡t❡r♠✐♥❡❞ ❜② t❤❡ ✭♠✐♥✐♠✉♠ ♦❢ t❤❡✮ q✉❛❧✐t② ♦❢ t❤❡ ✈✐♥t❛❣❡ ❛♥❞ ❛✈❡r❛❣❡ s❦✐❧❧s ♦❢ t❤❡ ✜r♠✬s ❡♠♣❧♦②❡❡s✳ P❤✐❧✐♣♣ ❍❛rt✐♥❣✱ ❇✐❡❧❡❢❡❧❞ ❯♥✐✈❡rs✐t② ▲❛ts✐s ❙②♠♣♦s✐✉♠ ✷✵✶✷ ✽