This paper examines underemployment fluctuations in an OG model with cournotian competition on the market for a good. In the case of constant returns, it demonstrates the existence conditions of a stable two-period cycle (in prices and employment amounts) in the backward perfect foresight dynamics. It studies its becoming in the forward dynamics thanks to a learning process. These results are essentially based on the variablity of firm's market power as a consequence of the variability of demand elasticity.
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Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number
96a41.
Length: 24 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:aixmeq:96a41
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Find related papers by JEL classification: D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles