By Pierre Picard
This booklet presents an outline and evaluation of assorted theoretical techniques in macroeconomics that concentrate on salary rigidities and involuntary unemployment. It bargains an research of the microeconomic foundations of inflexible wages and considers their implications for public coverage. It studies new findings about the thought of fix-price transitority equilibria, and gives 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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Additional resources for Wages and Unemployment: A Study in Non-Walrasian Macroeconomics
Sample text
This allows us to write (z,z) = G(z), where G is a continuous mapping from Rnm into R^xR™. From the maximum theorem, strict quasi-concavity of Vt implies that functions ^ ( ) are continuous. We will write z = ^(z,z), where \ is a continuous mapping from K +m x K™ into Kwm. [G(z)] and We have ^(z^z^eK^ for all /z and all i. Consequently, the restriction of the function F to the convex compact set K is a continuous function from that set into itself. According to Brouwer's theorem, F ( ) has a fixed point z(*).
If the remaining goods supply ys — g is larger than the household's notional demand x*d, we have ls = fs
Ym(0)}. We have y(O) = O,f (0) = 0 and there is no bilateral, mutually beneficial trade if y>y(6). So far, we have restricted ourselves to fix-price equilibria viewed as departures from the Walrasian equilibrium. 3 extend to situations where real rigidities prevail on some markets, while other markets are perfectly competitive. By way of example, let us consider a productive economy including H workers, N identical firms, labour being the input, and a unique consumption good sold at price p.