Imperfectly competitive cycles with Keynesian and Walrasian features

Imperfectly Competitive Cycles with Keynesian and Walrasian Features

We consider a multi--sector overlapping generations model with imperfectly competitive firms in the output markets and wage setting trade unions in the labour markets. A coordination problem between firms creates multiple temporary equilibria which are either Walrasian or of the Keynesian unemployment type. There exist many deterministic and stochastic equilibrium cycles fluctuating between Key...

Walrasian Indeterminacy and Keynesian Macroeconomics By

Neoclassical Models of Imperfectly Competitive Labor Markets

The scenario of perfect competition, as augmented by human capital theory, yields a large body of testable hypotheses concerning labor market outcomes. These hypotheses, overviewed in the first chapter of this volume, might all be understood as applications of three more fundamental implications of perfectly competitive equilibrium conditions: no unemployment or vacancies, the law of one wage, ...

Real Business Cycles: A New Keynesian Perspective

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Oskar Lange and the influence of Walrasian theory during the Keynesian revolution