IDEAS home Printed from https://ideas.repec.org/p/sal/celpdp/79.html
   My bibliography  Save this paper

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

Author

Listed:

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.

Suggested Citation

  • Floro Ernesto Caroleo, 2004. "Fondamenti teorici della rigidità' salariale nell'ambito dei “Non Market Clearing Models”," CELPE Discussion Papers 79, CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy.
    • Handle: RePEc:sal:celpdp:79
    as

    Download full text from publisher

    File URL: http://www3.unisa.it/uploads/rescue/784/1048/79_dp.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Christopher A. Pissarides & Barbara Petrongolo, 2001. "Looking into the Black Box: A Survey of the Matching Function," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 390-431, June.
    2. Solow, Robert M, 1980. "On Theories of Unemployment," American Economic Review, American Economic Association, vol. 70(1), pages 1-11, March.
    3. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    4. Yellen, Janet L, 1984. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. 74(2), pages 200-205, May.
    5. Jean-Pascal Benassy, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 503-523.
    6. Blanchard, Olivier J. & Summers, Lawrence H., 1987. "Hysteresis in unemployment," European Economic Review, Elsevier, vol. 31(1-2), pages 288-295.
    7. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, vol. 88(352), pages 788-821, December.
    8. Greenwald, B & Stiglitz, Joseph E, 1987. "Keynesian, New Keynesian and New Classical Economics," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 119-133, March.
    9. Salop, Steven C, 1979. "A Model of the Natural Rate of Unemployment," American Economic Review, American Economic Association, vol. 69(1), pages 117-125, March.
    10. Ramaswamy, Ramana & Rowthorn, Robert E, 1991. "Efficiency Wages and Wage Dispersion," Economica, London School of Economics and Political Science, vol. 58(232), pages 501-514, November.
    11. 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.
    12. Akerlof, George A, 1984. "Gift Exchange and Efficiency-Wage Theory: Four Views," American Economic Review, American Economic Association, vol. 74(2), pages 79-83, May.
    13. Stiglitz, Joseph E, 1984. "Price Rigidities and Market Structure," American Economic Review, American Economic Association, vol. 74(2), pages 350-355, May.
    14. George A. Akerlof, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 97(4), pages 543-569.
    15. Lindbeck, Assar, 1992. "Macroeconomic theory and the labor market," European Economic Review, Elsevier, vol. 36(2-3), pages 209-235, April.
    16. Solow, Robert M, 1985. " Insiders and Outsiders in Wage Determination," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 411-428.
    17. Joseph E. Stiglitz, 1984. "Theories of Wage Rigidity," NBER Working Papers 1442, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Georg Winckler, 1988. "Neustrukturierung der keynesianischen Theorie?," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 14(2), pages 183-195.
    2. Franz, Wolfgang, 1993. "Unvollkommene Arbeitsmärkte in makroökonomischen Modellen: Eine Übersicht," Discussion Papers 1, University of Konstanz, Center for International Labor Economics (CILE).
    3. Hélène Zajdela, 1990. "Le dualisme du marché du travail : enjeux et fondements théoriques," Économie et Prévision, Programme National Persée, vol. 92(1), pages 31-42.
    4. Georg Winckler, 1988. "Neustrukturierung der keynesianischen Theorie?," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 14(2), pages 183-196.
    5. J. Barkley Rosser, 2003. "A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 3-21.
    6. Ahmad Jafari Samimi, 2011. "Efficiency Wage Hypothesis: The Case Study of Iran's Manufacturing Industries," Journal of Social and Development Sciences, AMH International, vol. 1(5), pages 157-164.
    7. Guerrazzi, Marco & Meccheri, Nicola, 2012. "From wage rigidity to labour market institution rigidity: A turning-point in explaining unemployment?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(2), pages 189-197.
    8. Canegallo, Claudia, 1999. "Funzionamento del mercato del lavoro in presenza di informazione asimmetrica. Una rassegna della letteratura," POLIS Working Papers 8, Institute of Public Policy and Public Choice - POLIS.
    9. Putnam, Bluford H. & Azzarello, Samantha, 2015. "Evolving dynamics of the relationship between US core inflation and unemployment," Review of Financial Economics, Elsevier, vol. 25(C), pages 27-34.
    10. Ichiro Takahashi, 2021. "An Artificial Wicksell—Keynes Macroeconomy," Springer Books, Springer, number 978-981-16-6839-5, June.
    11. Mankiw, N Gregory, 1990. "A Quick Refresher Course in Macroeconomics," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1645-1660, December.
    12. A. Preston, 1996. "Where Are We Now With Human Capital Theory in Australia?," Economics Discussion / Working Papers 96-18, The University of Western Australia, Department of Economics.
    13. Nadia Oliva & Andrea Pacella, 2016. "Does Firms¡¯ Social Responsibility Counteract Some Critical Effects of Labor Market Flexibility?," Journal of Management and Sustainability, Canadian Center of Science and Education, vol. 6(1), pages 109-120, March.
    14. Campbell, Carl III, 1995. "A cross-industry time-series analysis of quits," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(1), pages 53-72.
    15. M. Scattaglia, 1994. "Politiche per l'occupazione e Microfondamenti "Keynesiani" dell'economia del lavoro," Working Papers 196, Dipartimento Scienze Economiche, Universita' di Bologna.
    16. Bluford H. Putnam & Samantha Azzarello, 2015. "Evolving dynamics of the relationship between US core inflation and unemployment," Review of Financial Economics, John Wiley & Sons, vol. 25(1), pages 27-34, April.
    17. Guidon Fenig & Luba Petersen, 2017. "Distributing scarce jobs and output: experimental evidence on the dynamic effects of rationing," Experimental Economics, Springer;Economic Science Association, vol. 20(3), pages 707-735, September.
    18. Andrea Pacella, 2008. "The Effects Of Labour Market Flexibility In The Monetary Theory Of Production," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 608-632, November.
    19. Carlsson, Mikael & Eriksson, Stefan & Gottfries, Nils, 2006. "Testing Theories of Job Creation: Does Supply Create Its Own Demand?," Working Paper Series 194, Sveriges Riksbank (Central Bank of Sweden).
    20. Becchetti, Leonardo & Ciciretti, Rocco & Hasan, Iftekhar, 2009. "Corporate social responsibility and shareholder's value: an empirical analysis," Bank of Finland Research Discussion Papers 1/2009, Bank of Finland.

    More about this item

    Keywords

    Labor Contracts; Unemployment: Models; Duration; Incidence; and Job Search;
    All these keywords.

    JEL classification:

    • J4 - Labor and Demographic Economics - - Particular Labor Markets
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sal:celpdp:79. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Roberto Dell'Anno (email available below). General contact details of provider: https://edirc.repec.org/data/cesalit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.