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Supply, Demand, and Specialized Production

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  • James D. Hamilton

Abstract

This paper develops a growth model characterized by equilibrium unemployment and sustained monopoly power. The level of demand is a key factor in deviations from the steady-state growth path with a Keynesian-type spending multiplier despite the absence of any nominal rigidities. The key friction in the model is the technological requirement that production of certain goods requires a dedicated team of workers that takes time to train and assemble.

Suggested Citation

  • James D. Hamilton, 2021. "Supply, Demand, and Specialized Production," NBER Working Papers 28888, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:28888
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    Cited by:

    1. Brand, Claus & Obstbaum, Meri & Coenen, Günter & Sondermann, David & Lydon, Reamonn & Ajevskis, Viktors & Hammermann, Felix & Angino, Siria & Hernborg, Nils & Basso, Henrique & Hertweck, Matthias & Bi, 2021. "Employment and the conduct of monetary policy in the euro area," Occasional Paper Series 275, European Central Bank.

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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General

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