A Stochastic Monopsony Theory of the Business Cycle.
Two distinct regimes, contractions and expansions, are generated in a model in which goods markets clear and all individuals are optimizing, strict wage and price takers, have fully rational expectations, and are heterogeneous in both preferences and resource endowments. Involuntary unemployment, as...
| Publicado en: | Economic Inquiry Vol. 43; no. 1; pp. 206 - 220 |
|---|---|
| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
January 2005
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510440530&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510440530 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: January 2005 vid: 43 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510440530 10.1093/ei/cbi014 ppf: 206 ppct: 14 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.2MB tig: atl: A Stochastic Monopsony Theory of the Business Cycle. aug: au: Holmes, James M. Hutton, Patricia A. su: Stochastic processes Monopsonies Mathematical models of economic competition Mathematical models of business cycles sug: subj: Stochastic processes Monopsonies Mathematical models of economic competition Mathematical models of business cycles ab: Two distinct regimes, contractions and expansions, are generated in a model in which goods markets clear and all individuals are optimizing, strict wage and price takers, have fully rational expectations, and are heterogeneous in both preferences and resource endowments. Involuntary unemployment, asymmetric monetary policy effectiveness, and a changing relationship between real wages and employment over the business cycle are the result of optimizing behavior by monopsonistic, wage-setting, and price-taking firms faced with price uncertainty, an upward-sloped supply of employees, and efficiency wage behavior. Disequilibrium and involuntary unemployment can occur at the level of the individual firm's labor market. (JEL E32, E52, J41, J42) Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|