Imperfectly Competitive Business Cycles With Underemployment
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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|Date of creation:||Oct 2000|
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- Jacobsen, Hans Jorgen & Schultz, Christian, 1994.
"On the effectiveness of economic policy when competition is imperfect and expectations are rational,"
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- Silvestre, Joaquim, 1990.
"There May Be Unemployment When the Labour Market Is Competitive and the Output Market Is Not,"
Royal Economic Society, vol. 100(402), pages 899-913, September.
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- 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 157-165, January.
- Rankin, Neil, 1987.
"Monetary and Fiscal Policy in a `Hartian' Model of Imperfect Competition,"
CEPR Discussion Papers
205, C.E.P.R. Discussion Papers.
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- Rankin, N., 1989. "Monetary and Fiscal Policy in a "Hartian" Model of Imperfect Competition," Discussion Paper 1989-26, Tilburg University, Center for Economic Research.
- Rankin, Neil, 1992. "Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth," Economic Journal, Royal Economic Society, vol. 102(413), pages 743-753, July.
- Dixon, Huw, 1987. "A Simple Model of Imperfect Competition with Walrasian Features," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 134-160, March.
- Oliver Hart, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, Oxford University Press, vol. 97(1), pages 109-138.
- Rankin, Neil, 1995. "Money in Hart's model of imperfect competition," European Journal of Political Economy, Elsevier, vol. 11(3), pages 557-575, September.
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