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Kinky perceived demand curves and Keynes-Negishi equilibria

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Dreze, Jacques [UCL] Herings, Jean-Jacques

The label "Keynes-Negishi equilibria" is attached here to equilibria in a monetary economy with imperfectly competitive product and labor markets where business firms and labor unions hold demand perceptions with kinks - as posited in Negishi's 1979 book Microeconomic Foundations of Keynesian Macroeconomics. Such equilibria are defined in a general equilibrium model, and shown to exist. Methodological implications are briefly discussed in a concluding section.

Document type Document de travail (Working Paper)
Access type Accès libre
Publication date 2007
Collection ECON Discussion Papers - 2007/22, ECON Working Papers - 2007/37
Affiliation UCL - ESPO/ECON - Département des sciences économiques
Keywords Equilibrium ; Imperfect competition ; Perceived demands ; Kinky demand ; Pricing rules ; Union wage model ; Union objectives ; Cash-inadvance
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Bibliographic reference Dreze, Jacques ; Herings, Jean-Jacques. Kinky perceived demand curves and Keynes-Negishi equilibria. ECON Discussion Papers ; 2007/22 (2007)
Permanent URL http://hdl.handle.net/2078.1/5868