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Imperfectly Competitive Business Cycles With Underemployment

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  • Laurence Lasselle
  • Serge Svizzero

Abstract

We investigate how imperfect competition affects the occurence and properties of endogenous business cycles with underemployment in an overlapping generations model. We consider a competitive product market in association with an imperfect labour market. The latter is presented in two variants. These differ from each other by the game-theoretical concepts used in the description of market equilibria, namely the cooperative concept of Nash-Bargaining and the noncooperative concept of Nash-Cournot. Although they are different, both cases admit the union-monopoly as a limit case. We show that the existence of cycles depends on the degree of market power. Our results are illustrated for specific preferences and technology.

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Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 0011.

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Date of creation: Oct 2000
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Handle: RePEc:san:crieff:0011

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Keywords: price-elasticity; stability;

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  1. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 97(1), pages 109-38, February.
  2. Rankin, Neil, 1992. "Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 102(413), pages 743-53, July.
  3. Lasselle, Laurence & Svizzero, Serge, 2001. "The Impossibility of Underemployment with More Than One Product Market," Oxford Economic Papers, Oxford University Press, vol. 53(1), pages 157-65, January.
  4. Rankin, N., 1989. "Monetary and Fiscal Policy in a "Hartian" Model of Imperfect Competition," Discussion Paper, Tilburg University, Center for Economic Research 1989-26, Tilburg University, Center for Economic Research.
  5. Jacobsen, Hans Jorgen & Schultz, Christian, 1994. "On the effectiveness of economic policy when competition is imperfect and expectations are rational," European Economic Review, Elsevier, Elsevier, vol. 38(2), pages 305-327, February.
  6. Rankin, Neil, 1995. "Money in Hart's model of imperfect competition," European Journal of Political Economy, Elsevier, vol. 11(3), pages 557-575, September.
  7. Silvestre, Joaquim, 1990. "There May Be Unemployment When the Labour Market Is Competitive and the Output Market Is Not," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 100(402), pages 899-913, September.
  8. Dixon, Huw, 1987. "A Simple Model of Imperfect Competition with Walrasian Features," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 134-60, March.
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