If there is unemployment no matter how low the wage rate becomes, one speaks of involuntary unemployment. This phenomenon has been shown to arise in a variety of temporary or atemporal macro models with imperfect competition in the goods markets. In this paper, the author investigates whether the phenomenon of involuntary unemployment arises in an overlapping generations model with rational expectations. It does not, neither in the short nor in the long run.
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
89-18.
Length: 18 pages Date of creation: Mar 1989 Date of revision:
Oct 1989 Publication status: Published in: Journal of Economic Theory, 1992, 58(1) pp 61-76 Handle: RePEc:kud:kuiedp:8918
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Find related papers by JEL classification: E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
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