Keynesian Involuntary Unemployment and Sticky Nominal Wages  

Oleh:

Holmes, James M. ; Hutton, Patricia A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 106 no. 439 (Nov. 2000), page 1564-1585.
Topik: Wages; keynesian industry; employment; sticky nominal wages

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.18 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper presents a model in which sticky nominal wages and Keynesian involuntary unemployment result as a consequence of the intertemporal optimisation decisions of profit maximising monopsonistic firms and fully rational and informed workers in an uncertain environment. Uncertainty associated with the business cycle and its impact on product price generates disequilibrium wages and identifies the labour demand function in contractions and the supply of labour in expansions. The theoretical prediction of a negative relationship between real wages and employment during contractions and a positive relationship during expansions is strongly supported by the empirical evidence presented.

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