By Pierre Picard
This e-book offers an outline and overview of assorted theoretical methods in macroeconomics that target salary rigidities and involuntary unemployment. It bargains an research of the microeconomic foundations of inflexible wages and considers their implications for public coverage. It reviews new findings about the thought of fix-price transitority equilibria, and offers an research of the micro-foundations of inefficiencies within the exertions marketplace akin to risk-sharing mechanisms, union habit and potency salary versions.
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Extra resources for Wages and Unemployment: A Study in Non-Walrasian Macroeconomics
The household's effective demand for goods is written as xd. We obtain it by solving the following problem: Px Maximize U(x,l0 — /,m) with respect to x > 0 , r a > 0 and 0 < / < / o subject to: In that programme, the household maximizes his utility function under the budget constraint, taking into account the inequality l
To begin with, the relationship between the effective demand expressed on the one hand and the transactions made and the perceived constraints on the other hand needs to be elaborated. Once the notion of a non-manipulable rationing scheme is introduced, we can clarify the agents' effective demand-making process. Then, we will be able to define a K-equilibrium, a terminology chosen by Benassy (1975), in order to stress the relation between his equilibrium concept and previous writings, such as 22 Price rigidities Clower's (1965) and Leijonhufvud's (1968) that emphasized the importance of quantity rationing in the economics of Keynes.
Let yx and y2 be the output, respectively for a constrained firm and an unconstrained firm. We have ON Fix-price equilibria 41 For a constrained firm, the opportunity cost of not manipulating its price is given by The smaller the subset of firms which are sales constrained, the larger the opportunity cost. For instance, in the case of a 10 per cent variation in aggregate output (6= —1/10), the relative opportunity cost L/lT is 1 per cent if NJN=l9 4 per cent if NJN= 1/2 and 16 per cent if NJN =1/4.
Wages and Unemployment: A Study in Non-Walrasian Macroeconomics by Pierre Picard