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Coûts de transaction, équilibres multiples avec chômage et concurrence monopolistique. Un réexamen du modèle ws-ps

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  • Ludovic A. Julien
  • Nicolas Sanz

Abstract

The properties of ws-ps model are modified when trade activity is explicitly modelled. Increasing returns to scale can lead to multiple unemployment equilibria in monopolistic competition models. We here introduce transaction costs on the output market to capture multiplicity whatever the degree of returns to scale. The price setting curve can become downward-sloping in the unemployment rate-real wage space. Trading externalities reinforce the effect of strategic complementarities between firms, leading to multiple unemployment equilibria. Moreover, a positive shock on the bargaining power of workers decreases the unemployment rate and the real wage at the low equilibrium, but increases both of them at the high equilibrium. Classification JEL : D43, E25, J64

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 58 (2007)
Issue (Month): 2 ()
Pages: 311-329

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Handle: RePEc:cai:recosp:reco_582_0311

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Web page: http://www.cairn.info/revue-economique.htm

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Cited by:
  1. Julie Beugnot, 2008. "The effects of a minimum wage increase in a model with multiple unemployment equilibria," Working Papers 08-16, LAMETA, Universtiy of Montpellier, revised Oct 2008.

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