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A welfare economics foundation for the full-employment policy

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  • Otaki, Masayuki

Abstract

Combining the dynamic Keynesian cross (Otaki, M., 2007. The dynamically extended Keynesian cross and the welfare-improving fiscal policy. Economics Letters 96, 23-29.) with modified efficient wage bargaining, based on McDonald and Solow (McDonald, I.M. and Solow, R.M. 1981. Wage bargaining and employment. American Economic Review 71, 896-908.), we have succeeded in showing a kind of involuntary unemployment as an equilibrium outcome.

Suggested Citation

  • Otaki, Masayuki, 2009. "A welfare economics foundation for the full-employment policy," Economics Letters, Elsevier, vol. 102(1), pages 1-3, January.
    • Handle: RePEc:eee:ecolet:v:102:y:2009:i:1:p:1-3
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    References listed on IDEAS

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    1. Lucas, Robert E, Jr, 1978. "Unemployment Policy," American Economic Review, American Economic Association, vol. 68(2), pages 353-357, May.
    2. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
    3. McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, vol. 71(5), pages 896-908, December.
    4. Brunner, Karl & Meltzer, Allan H., 1977. "Stabilization of the domestic and international economy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 1-6, January.
    5. Otaki, Masayuki, 2007. "The dynamically extended Keynesian cross and the welfare-improving fiscal policy," Economics Letters, Elsevier, vol. 96(1), pages 23-29, July.
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