Multiplicity of cournot equilibria and involuntary unemployment
成果类型：
Article
署名作者：
Kaas, L
署名单位：
University of Bielefeld
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1998.2406
发表日期：
1998
页码：
332-349
关键词：
摘要：
In an overlapping generations model with Cournot competition on the goods market it is shown that a continuum of stationary states and perfect foresight trajectories exists with unemployment at arbitrary low wages. Decisive for this is the influence that different forecast functions have on the objective demand curve, even though they are consistent with perfect foresight. With an example it is shown that simple adaptive and constant memory forecast rules generate such unemployment equilibria. The corresponding temporary equilibrium dynamics may display stable unemployment and unstable full employment equilibria. (C) 1998 Academic Press.