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Contraintes de débouchés, capacités de production et chômage dans un modèle macroéconomique avec concurrence imparfaite

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  • Sneessens, Henri R.

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

The purpose of this paper is to show how to combine in a unified setup recent developments on wage and price formation together with the key features of models with quantity constraints. This is done in a traditional three-goods (goods, labor and money) two-markets (goods and labor) setup, plus energy for the analysis of the consequences of an oil shock. Prices are set by monopolistically competitive firms ; the wage rate is set by the union. We examine successively the properties of the short-run (fixed productive capacity ; fixed prices and wages), the medium-run (fixed productive capacity ; endogenous prices and wages), and the long-run (endogenous productive capacity, wages and prices) equilibria, especially the equilibrium values of the unemployment and capacity utilization rates, and of the proportion of sales-constrained firms. It is shown in particular that a large proportion of sales-constrained firms is not necessarily an indication that demand should be reflated.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1991011.

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Length: 42
Date of creation: 01 Jul 1991
Date of revision:
Handle: RePEc:ctl:louvir:1991011

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Keywords: chômage; production; concurrence;

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References

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  1. Martin L. Weitzman, 1984. "The Simple Macroeconomics of Profit Sharing," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 357, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Ellis, Christopher J & Fender, John, 1985. "Wage Bargaining in a Macroeconomic Model with Rationing," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 100(3), pages 625-50, August.
  3. Sneessens, H. & Dreze, J., 1985. "A discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1985040, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-20, June.
  5. Benassy, Jean-Pascal, 1976. "The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 43(1), pages 69-81, February.
  6. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, Elsevier, vol. 31(3), pages 781-808, April.
  7. McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, American Economic Association, vol. 71(5), pages 896-908, December.
  8. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, American Economic Association, vol. 61(1), pages 82-93, March.
  9. Arnsperger, Christian & de la Croix, David, 1990. "Union Power and Price Fixation: A General Equilibrium Perspective," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 1990015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  10. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, American Economic Association, vol. 77(4), pages 647-66, September.
  11. Barro, Robert J, 1972. "A Theory of Monopolistic Price Adjustment," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 39(1), pages 17-26, January.
  12. Benassy Jean-pascal, 1974. "Neokeynesian disequilibrium theory in a monetary economy," CEPREMAP Working Papers (Couverture Orange) 7402, CEPREMAP.
  13. Barro, Robert J & Grossman, Herschel I, 1974. "Suppressed Inflation and the Supply Multiplier," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 41(1), pages 87-104, January.
  14. Sneessens, H. R., 1983. "A macroeconomic rationing model of the belgian economy," European Economic Review, Elsevier, Elsevier, vol. 20(1-3), pages 193-215, January.
  15. Barro,Robert J. & Grossman,Herschel I., 2008. "Money Employment and Inflation," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521068659.
  16. Oswald, Andrew J, 1985. " The Economic Theory of Trade Unions: An Introductory Survey," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 87(2), pages 160-93.
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Cited by:
  1. Éric Heyer & Xavier Timbeau, 2002. "Le chômage structurel à 5 % en France ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 80(1), pages 115-151.
  2. de la Croix, David & Fagnart, Jean-Francois, 1995. "Underemployment of production factors in a forward-looking model," Labour Economics, Elsevier, Elsevier, vol. 2(2), pages 131-159, June.

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