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The impossibility of underemployment with more than one product market

Author

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  • Laurence Lasselle

    (University of Saint Andrews)

  • Serge Svizzero

    (CERESUR - Centre d'Etudes et de Recherches Economique et Sociales de l'Université de La Réunion - UR - Université de La Réunion)

Abstract

We investigate the link between 'underemployment at all wages' and income feedback effects due to firms' activities in an economy with imperfect competition in the product markets. The size of income feedback effects negatively depends on the number of product markets. We strengthen a previous result demonstrated in an overlapping generations model with inelastic price expectations: underemployment at all wages may only exist when the economy contains a single product market, i.e., when firms integrate all feedback effects in their programs.

Suggested Citation

  • Laurence Lasselle & Serge Svizzero, 2001. "The impossibility of underemployment with more than one product market," Post-Print hal-02166633, HAL.
    • Handle: RePEc:hal:journl:hal-02166633
    DOI: 10.1093/oep/53.1.157
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    Cited by:

    1. L Kaas & P Madden, 2002. "Competitive Wage Cycles with Imperfect Output Market Competition," Centre for Growth and Business Cycle Research Discussion Paper Series 19, Economics, The University of Manchester.
    2. Laurence S. Lasselle & Serge A. Svizzero, 2002. "Involuntary Unemplyment in Imperfectly Competitive General Equilibrium Models," Journal of Economic Surveys, Wiley Blackwell, vol. 16(4), pages 487-507, September.
    3. Hiroyuki Nishiyama & Yasuhiro Gintani, 2013. "The Effects of Globalization on the Elasticity of Labor Demand and Employment," International Economic Journal, Taylor & Francis Journals, vol. 27(1), pages 11-23, March.

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