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Imperfectly Competitive Business Cycles With Underemployment

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Author Info
Laurence Lasselle
Serge Svizzero

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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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Publisher Info
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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Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
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Related research
Keywords: price-elasticity; stability;

Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. Hans Jørgen Jacobsen & Christian Schultz, 1987. "A General Equilibrium Macro Model with Wage Bargaining," Discussion Papers 87-05, University of Copenhagen. Department of Economics.
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  3. Jacobsen, Hans Jorgen & Schultz, Christian, 1994. "On the effectiveness of economic policy when competition is imperfect and expectations are rational," European Economic Review, Elsevier, vol. 38(2), pages 305-327, February. [Downloadable!] (restricted)
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  4. Rankin, Neil, 1995. "Money in Hart's model of imperfect competition," European Journal of Political Economy, Elsevier, vol. 11(3), pages 557-575, September. [Downloadable!] (restricted)
  5. 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.
  6. Rankin, N., 1989. "Monetary And Fiscal Policy In A 'Hartian' Model Of Imperfect Competition," Papers 8926, Tilburg - Center for Economic Research.
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  7. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 109-38, February. [Downloadable!] (restricted)
  8. Rankin, Neil, 1992. "Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth," Economic Journal, Royal Economic Society, vol. 102(413), pages 743-53, July. [Downloadable!] (restricted)
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