Dynamic analysis of a disequilibrium macroeconomic model with dual labor markets

Autor:	Shogo Ogawa
Rok vydání:	2019
Předmět:	Economics and Econometrics 050208 finance Disequilibrium macroeconomics media_common.quotation_subject 05 social sciences Disequilibrium Monetary economics Term (time) Dual (category theory) Macroeconomic model 0502 economics and business Unemployment medicine Business cycle Economics 050207 economics medicine.symptom Involuntary unemployment media_common
Zdroj:	Metroeconomica. 70:525-550
ISSN:	1467-999X 0026-1386
DOI:	10.1111/meca.12255
Popis:	We extend the general disequilibrium model of Malinvaud(1980) by using dual labor market theory. By considering two tiers of workers, we find that while the duality of the labor market expands an equilibrium regime in the short term, it does not always keep an equilibrium in the medium term. In the medium term, the business cycle converges toward a disequilibrium regime unless the goods market is potentially in equilibrium. Employment and wages at the steady state are affected by the size of the government, and the stability of wage bargaining is only a sufficient condition of the local stability of our dynamic system. Therefore, involuntary unemployment can be remedied only when goods demand is sufficiently large.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::a448d39c3c0929c58313b0b4cdddaee3 https://doi.org/10.1111/meca.12255 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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