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Imperfectly Competitive Business Cycles With Underemployment

Abstract : We investigate how imperfect competition affects the occurence and properties of endogenous business cycles with underemployment in an overlapping generations model. We consider a competitive product market in association with an imperfect labour market. The latter is presented in two variants. These differ from each other by the game-theoretical concepts used in the description of market equilibria, namely the cooperative concept of Nash-Bargaining and the noncooperative concept of Nash-Cournot. Although they are different, both cases admit the union-monopoly as a limit case. We show that the existence of cycles depends on the degree of market power. Our results are illustrated for specific preferences and technology.
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Preprints, Working Papers, ...
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Submitted on : Thursday, June 27, 2019 - 8:25:14 AM
Last modification on : Tuesday, October 19, 2021 - 5:56:00 PM


  • HAL Id : hal-02166640, version 1



Laurence Lasselle, Serge Svizzero. Imperfectly Competitive Business Cycles With Underemployment. 2000. ⟨hal-02166640⟩



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