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Keynesian involuntary unemployment and sticky nominal wages.

A model in which sticky nominal wages and Keynesian involuntary unemployment are brought about as a consequence of the intertemporal optimization decisions of profit maximizing monopsonistic firms and wholly rational and informed personnel in an uncertain environment is presented. In the model, unc...

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Published in:Economic Journal Vol. 106; pp. 1564 - 1586
Main Authors: Holmes, James M., Hutton, Patricia A.
Format: Article
Published: Wiley-Blackwell November 1996
Subjects:
Keynesian economics
Mathematical models of unemployment
Mathematical models of economic competition
Monopsonies
History
Prices
United States
Online Access:View this record in EBSCOhost