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Micro-founded macro-models and labour market

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  • Nicola, PierCarlo

Abstract

This essay aims at presenting a dynamic macro-economic model which is micro-founded, in order to introduce in a more realistic way the labour market, by separating demand and supply, since their determinants are different: labour demand comes mainly from the maximizing bahaviour of firms, while labour supply is chosen by families on the basis (but not only) of the real wage rate. A number of computer simulations show that many different types of trajectories are possible, from a stationary state to regular growth, to both regular and damped business cycles.

Suggested Citation

  • Nicola, PierCarlo, 2006. "Micro-founded macro-models and labour market," Chaos, Solitons & Fractals, Elsevier, vol. 29(3), pages 671-680.
    • Handle: RePEc:eee:chsofr:v:29:y:2006:i:3:p:671-680
    DOI: 10.1016/j.chaos.2005.08.098
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
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