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The Impossibility of Underemployment with More Than One Product Market

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  • Lasselle, Laurence
  • Svizzero, Serge

Abstract

We investigate the link between "underemployment at all wages" and income feedback effects due to firms' activities in an economy with imperfect competition in the product markets. The size of income feedback effects negatively depends on the number of product markets. We strengthen a previous result demonstrated in an overlapping generations model with inelastic price expectations: underemployment at all wages may only exist when the economy contains a single product market, i.e., when firms integrate all feedback effects in their programs. Copyright 2001 by Oxford University Press.

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  • Lasselle, Laurence & Svizzero, Serge, 2001. "The Impossibility of Underemployment with More Than One Product Market," Oxford Economic Papers, Oxford University Press, vol. 53(1), pages 157-165, January.
    • Handle: RePEc:oup:oxecpp:v:53:y:2001:i:1:p:157-65
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    Cited by:

    1. Laurence S. Lasselle & Serge A. Svizzero, 2002. "Involuntary Unemplyment in Imperfectly Competitive General Equilibrium Models," Journal of Economic Surveys, Wiley Blackwell, vol. 16(4), pages 487-507, September.
    2. L Kaas & P Madden, 2002. "Competitive Wage Cycles with Imperfect Output Market Competition," Economics Discussion Paper Series 0212, Economics, The University of Manchester.
    3. Hiroyuki Nishiyama & Yasuhiro Gintani, 2013. "The Effects of Globalization on the Elasticity of Labor Demand and Employment," International Economic Journal, Taylor & Francis Journals, vol. 27(1), pages 11-23, March.

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