The impossibility of involuntary unemployment in an overlapping generations model with rational expectation
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The impossibility of involuntary unemployment in an overlapping generations model with rational expectation. / Schultz, Christian.
In: Journal of Economic Theory, Vol. 58, No. 1, 1992, p. 61-76.Research output: Contribution to journal › Journal article › Research › peer-review
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TY - JOUR
T1 - The impossibility of involuntary unemployment in an overlapping generations model with rational expectation
AU - Schultz, Christian
PY - 1992
Y1 - 1992
N2 - 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
AB - 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
U2 - 10.1016/0022-0531(92)90101-M
DO - 10.1016/0022-0531(92)90101-M
M3 - Journal article
VL - 58
SP - 61
EP - 76
JO - Journal of Economic Theory
JF - Journal of Economic Theory
SN - 0022-0531
IS - 1
ER -
ID: 157727