The Impossibility of "Involuntary Unemployment" in an Overlapping Generations Model with Rational Expectations
If there is unemployment no matter how low the wage rate becomes, one speaks of involuntary unemployment. This phenomenon has been shown to arise in a variety of temporary or atemporal macro models with imperfect competition in the goods markets. In this paper, the author investigates whether the phenomenon of involuntary unemployment arises in an overlapping generations model with rational expectations. It does not, neither in the short nor in the long run.
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|Date of creation:||Mar 1989|
|Date of revision:||Oct 1989|
|Publication status:||Published in: Journal of Economic Theory, 1992, 58(1) pp 61-76|
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