Contraintes de débouchés, capacités de production et chômage dans un modèle macroéconomique avec concurrence imparfaite
The purpose of this paper is to show how to combine in a unified setup recent developments on wage and price formation together with the key features of models with quantity constraints. This is done in a traditional three-goods (goods, labor and money) two-markets (goods and labor) setup, plus energy for the analysis of the consequences of an oil shock. Prices are set by monopolistically competitive firms ; the wage rate is set by the union. We examine successively the properties of the short-run (fixed productive capacity ; fixed prices and wages), the medium-run (fixed productive capacity ; endogenous prices and wages), and the long-run (endogenous productive capacity, wages and prices) equilibria, especially the equilibrium values of the unemployment and capacity utilization rates, and of the proportion of sales-constrained firms. It is shown in particular that a large proportion of sales-constrained firms is not necessarily an indication that demand should be reflated.
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|Date of creation:||01 Jul 1991|
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- Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-666, September.
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- DREZE, Jacques H., "undated". "Existence of an exchange equilibrium under price rigidites," CORE Discussion Papers RP 225, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Arnsperger, Christian & de la Croix, David, 1990. "Union Power and Price Fixation: A General Equilibrium Perspective," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1990015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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- 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.
- Sneessens, Henri R & Dreze, Jacques H, 1986. "A Discussion of Belgian Unemployment, Combining Traditional Concepts and Disequilibrium Econometrics," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages 89-119, Supplemen.
- SNEESSENS, Henri R. & DREZE, Jacques H., "undated". "A discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics," CORE Discussion Papers RP 704, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Sneessens, H. & Dreze, J., 1985. "A discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics," CORE Discussion Papers 1985040, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- Martin L. Weitzman, 1984. "The Simple Macroeconomics of Profit Sharing," Working papers 357, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Benassy, Jean-Pascal, 1986. "Macroeconomics: An Introduction to the Non-Walrasian Approach," Elsevier Monographs, Elsevier, edition 1, number 9780120864256 edited by Shell, Karl.
- Oswald, Andrew J, 1985. " The Economic Theory of Trade Unions: An Introductory Survey," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 160-193.
- Jean-Pascal Benassy, 1976. "The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 69-81.
- Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April.
- Christopher J. Ellis & John Fender, 1985. "Wage Bargaining in a Macroeconomic Model with Rationing," The Quarterly Journal of Economics, Oxford University Press, vol. 100(3), pages 625-650.
- McDonald, Ian M & Solow, Robert M, 1981. "Wage Bargaining and Employment," American Economic Review, American Economic Association, vol. 71(5), pages 896-908, December.
- Robert J. Barro & Herschel I. Grossman, 1974. "Suppressed Inflation and the Supply Multiplier," Review of Economic Studies, Oxford University Press, vol. 41(1), pages 87-104. Full references (including those not matched with items on IDEAS)
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