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Imperfectly Competitive Business Cycles With Underemployment

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 how imperfect competition affects the occurence and properties of endogenous business cycles with underemployment in an overlapping generations model. We consider a competitive product market in association with an imperfect labour market. The latter is presented in two variants. These differ from each other by the game-theoretical concepts used in the description of market equilibria, namely the cooperative concept of Nash-Bargaining and the noncooperative concept of Nash-Cournot. Although they are different, both cases admit the union-monopoly as a limit case. We show that the existence of cycles depends on the degree of market power. Our results are illustrated for specific preferences and technology.

Suggested Citation

  • Laurence Lasselle & Serge Svizzero, 2000. "Imperfectly Competitive Business Cycles With Underemployment," Working Papers hal-02166640, HAL.
    • Handle: RePEc:hal:wpaper:hal-02166640
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