The impossibility of involuntary unemployment in an overlapping generations model with rational expectation
Publikation: Bidrag til tidsskrift › Tidsskriftartikel › fagfællebedømt
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 we investigate whether the phenomenon of involuntary unemployment arises in a Hartian overlapping generations model with rational expectations. It does not, neither in the short nor in the long run
Originalsprog | Engelsk |
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Tidsskrift | Journal of Economic Theory |
Vol/bind | 58 |
Udgave nummer | 1 |
Sider (fra-til) | 61-76 |
ISSN | 0022-0531 |
DOI | |
Status | Udgivet - 1992 |
ID: 157727