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Fondamenti teorici della rigidità' salariale nell'ambito dei “Non Market Clearing Models”

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  • Floro Ernesto Caroleo

    ()
    (CELPE University of Salerno. University of Napoli Parthenope)

Abstract

The paper analyses the labour market in a framework of New Keynesian Economics (NKE). The aim of the NKE is to provide micro foundations to the main result of the Keynesian model, that is the rigidity of prices and wages as well as the presence of non market clearing equilibria. In the first part it is shown how rigidity determines involuntary unemployment having distinct characteristics and policy implications weather it comes from price rigidity in the good market (keynesian unemployment) or from wage rigidity in the labour market (classical unemployment). In the second part two labour market models are developed: the insider-outsider model and the efficiency wage model. These tray to meet the objection that non market clearing equilibria do not derive from a rational behaviour of economic agents in the labour market. It can be demonstrated, on the contrary, that involuntary unemployment is consistent with the first postulate of the neoclassical model that is the identity between the real wage and labour marginal productivity (expressed in efficiency units), even if the second postulate, the identity between marginal utility of wage and the marginal disutility of leisure time, can be rejected.

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Bibliographic Info

Paper provided by CELPE - Centre of Labour Economics and Economic Policy, University of Salerno, Italy in its series CELPE Discussion Papers with number 79.

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Date of creation: Feb 2004
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Handle: RePEc:sal:celpdp:79

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Keywords: Labor Contracts; Unemployment: Models; Duration; Incidence; and Job Search;

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  1. Olivier J. Blanchard, 1986. "Hysteresis and Unemployment," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 430, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Akerlof, George A, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 97(4), pages 543-69, November.
  3. Robert M. Coen & Bert G. Hickman, 1987. "Keynesian and Classical Unemployment in Four Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(1), pages 123-206.
  4. Lindbeck, Assar, 1992. "Macroeconomic theory and the labor market," European Economic Review, Elsevier, Elsevier, vol. 36(2-3), pages 209-235, April.
  5. Ramaswamy, Ramana & Rowthorn, Robert E, 1991. "Efficiency Wages and Wage Dispersion," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 58(232), pages 501-14, November.
  6. Solow, Robert M, 1985. " Insiders and Outsiders in Wage Determination," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 87(2), pages 411-28.
  7. Salop, Steven C, 1979. "A Model of the Natural Rate of Unemployment," American Economic Review, American Economic Association, American Economic Association, vol. 69(1), pages 117-25, March.
  8. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 88(352), pages 788-821, December.
  9. Barbara Petrongolo & Christopher A. Pissarides, 2000. "Looking Into the Black Box: A Survey of the Matching Function," CEP Discussion Papers, Centre for Economic Performance, LSE dp0470, Centre for Economic Performance, LSE.
  10. Stiglitz, Joseph E, 1984. "Price Rigidities and Market Structure," American Economic Review, American Economic Association, American Economic Association, vol. 74(2), pages 350-55, May.
  11. 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.
  12. Solow, Robert M, 1980. "On Theories of Unemployment," American Economic Review, American Economic Association, American Economic Association, vol. 70(1), pages 1-11, March.
  13. Joseph E. Stiglitz, 1984. "Theories of Wage Rigidity," NBER Working Papers 1442, National Bureau of Economic Research, Inc.
  14. Bruce C. Greenwald & Joseph E. Stiglitz, 1987. "Keynesian, New Keynesian, and New Classical Economics," NBER Working Papers 2160, National Bureau of Economic Research, Inc.
  15. Akerlof, George A, 1984. "Gift Exchange and Efficiency-Wage Theory: Four Views," American Economic Review, American Economic Association, American Economic Association, vol. 74(2), pages 79-83, May.
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