Download or read book Involuntary Unemployment in Imperfectly Competitive General Equilibrium Models written by Laurence Lasselle and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is about "involuntary unemployment" in general equilibrium models with imperfect competition. It surveys papers written after the seminal work of d'Aspremont, Dos Santos Ferreira and Gerard-Varet (1984). This unemployment is called involuntary because it exists at any wage. It results from imperfect competition in the product markets, more specifically from firms' excessive market power. These papers have focussed their attention on the conditions required for involuntary unemployment. In our presentation, we characterise this form of unemployment through three elements: Consumers' preferences, price expectations and Ford effects. Each element is important because it influences the demand for the good and hence its price elasticity, the latter being central in the definition of firms' market power.
Download or read book Real Business Cycles with Involuntary Unemployment written by Jordi Galí and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Involuntary Unemployment written by Michel de Vroey and published by Psychology Press. This book was released on 2004 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Depression of the 1930s with its dramatic unemployment rates was one of the most striking economic events of the past century. It shook economists' beliefs in the existence of self-adjusting forces and prompted Keynes to write his masterwork, The General Theory of Employment, Interest and Money. Involuntary unemployment was the central concept of Keynes' book. However, after having been considered the sine qua non of economics for decades, it has gradually disappeared from textbooks and research. This book recounts and ponders this demise, asking whether the abandonment of the concept of involuntary unemployment is the manifestation of some inner defect of recent economic theory or is rather due to some intrinsic weakness of the concept itself, which makes it of little use when it comes to economic theorising. In order to disentangle these issues, the author critically reviews the different explanations of involuntary unemployment that have been offered from Keynes up to the end of the 1980s. After consideringThe General Theory, the author studies the works of pioneering macroeconomists such as Hicks, Modigliani, Lange, Leontief, Tobin, Klein and Hansen. An examination of the 're-appraisal of Keynes' and of the so-called disequilibrium school is followed by a discussion of Friedman's and Lucas' anti-Keynesian attack. The final part of the book investigates a series of models purporting to revive the Keynesian project, namely implicit contract, efficiency wages, insider-outsider, coordination failures, and imperfect competition.
Download or read book Involuntary Unemployment written by Michel de Vroey and published by Routledge. This book was released on 2004-07 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tackles the issue of involuntary employment, examining the issue in the light of Keynesian and Post-Keynesian theory.
Download or read book Imperfect Competition in Product Markets and Labor Markets General Equilibrium and Unemployment written by and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis it is analyzed if promoting product market competition can help to to fight unemployment in Europe. We have used a general equilibrium model in order to study how reducing mark-ups and increasing productivity in one sector affect aggregate unemployment for an exogenously given minimum real wage. The bottom-line was that product market reforms will help to reduce aggregate unemployment under most circumstances. Modeling a microfoundation of mark-ups, we have demonstrated that different learning abilities of firms with respect to general equilibrium effects lead to different levels of unemployment. If firms, competing a la Cournot, consider only partial equilibrium effects when choosing quantities, the observation of general equilibrium feedbacks will lead to repeated quantity adjustments until a steady state is reached. We have used the above model to show that the impacts of mergers of firms on employment are rather negative. We then have examined wage bargaining between employers and labor unions. We have demonstrated that if agents do hardly consider general equilibrium effects, low real wages and low unemployment results. With an intermediate view, when partial equilibrium effects are taken into account, high real wages and unemployment results. If all general equilibrium effects are incorporated at once, again low real wages and low unemployment results. We thus have obtained a hump-shaped relationship between the extend of feedback effects incorporated by the bargaining parties and real wages or unemployment. Finally the impacts of uneven productivity improvements on employment were shown to generally remain positive when wages are set endogenously by wage bargaining.
Download or read book The Notion of Equilibrium in the Keynesian Theory written by Mario Sebastiani and published by Springer. This book was released on 2016-07-27 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the reasons which make the Keynesian controversy still so live, is the missing distinction between aspects concerning methodology and others pertaining to theory. Another cause of the ongoing debate is to be found in unsettled problems concerning methodology, in primis the concept the equilibrium. Nor could the situation have been different, given, on the one hand, Keynes's manifest disaffection with these matters (especially in The General Theory) and, on the other hand, their implications as regards Keynesian economic theory and policy. The aim of this volume ensues from this analysis; accordingly, a wide spectrum of questions of method are considered and different interpretations of Keynes's approach in this field are taken into consideration.
Download or read book IGEM II written by Barbara Annicchiarico and published by . This book was released on 2017 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a full technical description of a variant of the Italian General Equilibrium Model (IGEM), a dynamic general equilibrium model used as a laboratory for policy analysis at the Department of the Italian Treasury. This version of IGEM presents four specific key features: (i) imperfectly competitive final good sector; (ii) involuntary unemployment; (iii) a business tax bearing on firms; (iv) market frictions in the labor market of atypical workers.The paper presents some simulation scenarios of structural and fiscal reforms.
Download or read book Recent Developments in the Theory of Involuntary Unemployment written by Carl Davidson and published by . This book was released on 1990 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarises the following theories of unemployment, which have emerged since the 1960s: search, disequilibrium (i.e. fixed price models), implicit contracts, efficiency wage, and insider/outsider models.
Download or read book Imperfect Competition General Equilibrium Unemployment written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Imperfect Competition in Product Markets and Labor Markets General Equilibrium and Unemployment written by Achim Schniewind and published by . This book was released on 2000 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Involuntary Unemployment in a Model with Increasing Returns and Imperfect Competition in the Labour Market written by Robert Woods and published by . This book was released on 1992 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Involuntary Unemployment and Imperfect Competition written by John Roberts and published by . This book was released on 1986 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Involuntary Unemployment written by Michel de Vroey and published by Psychology Press. This book was released on 2004 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tackles the issue of involuntary employment, examining the issue in the light of Keynesian and Post-Keynesian theory.
Download or read book Competitive Wage Determination and Involuntary Unemployment written by Samuel Bowles and published by . This book was released on 1981 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-08 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Download or read book Monopsony in Motion written by Alan Manning and published by Princeton University Press. This book was released on 2013-12-03 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
Download or read book Transforming Modern Macroeconomics written by Roger E. Backhouse and published by Cambridge University Press. This book was released on 2013 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1950s, macroeconomics has been transformed. This book is about one of the most important aspects of that transformation: the attempt, through the end of the twenty-first century and beyond, to construct macroeconomic models rigorously derived from models of individual firms and households.
