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The Impossibility of "Involuntary Unemployment" in an Overlapping Generations Model with Rational Expectations

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Author Info

  • Christian Schultz

    (Institute of Economics, University of Copenhagen)

Abstract

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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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 89-18.

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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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Related research

Keywords: labor economics; employment studies; general equilibrium and disequilibrium theory;

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Cited by:
  1. Kaas, Leo, 1998. "Multiplicity of Cournot Equilibria and Involuntary Unemployment," Journal of Economic Theory, Elsevier, Elsevier, vol. 80(2), pages 332-349, June.
  2. Laurence Lasselle & Serge Svizzero, 2000. "Involuntary Unemployment in Imperfectly Competitive General Equilibrium Models," CRIEFF Discussion Papers, Centre for Research into Industry, Enterprise, Finance and the Firm 0008, Centre for Research into Industry, Enterprise, Finance and the Firm.
  3. L Kaas & P Madden, 2002. "Competitive Wage Cycles with Imperfect Output Market Competition," Centre for Growth and Business Cycle Research Discussion Paper Series, Economics, The Univeristy of Manchester 19, Economics, The Univeristy of Manchester.
  4. L Kaas & P Madden, 2002. "Imperfectly Competitive Cycles with Keynesian and Walrasian Features," Centre for Growth and Business Cycle Research Discussion Paper Series, Economics, The Univeristy of Manchester 20, Economics, The Univeristy of Manchester.
  5. Laurence Lasselle & Serge Svizzero, 1998. "Involuntary Unemployment and Income Feedback Effects," CRIEFF Discussion Papers, Centre for Research into Industry, Enterprise, Finance and the Firm 9823, Centre for Research into Industry, Enterprise, Finance and the Firm.
  6. Laurence Lasselle & Serge Svizzero, 2000. "On The Existence of A Cournot Equilibrium With Endogenous Income," CRIEFF Discussion Papers, Centre for Research into Industry, Enterprise, Finance and the Firm 0012, Centre for Research into Industry, Enterprise, Finance and the Firm.
  7. Kaas, Leo & Madden, Paul, 2004. "Non-existence of market-clearing wages when the output market is imperfectly competitive," Economics Letters, Elsevier, Elsevier, vol. 84(2), pages 175-182, August.

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