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Imperfectly competitive cycles with Keynesian and Walrasian features
Authors:Leo Kaas
Institution:a Department of Economics, University of Vienna, Hohenstaufengasse 9, 1010 Vienna, Austria
b School of Economic Studies, Manchester University, Manchester M13 9PL, UK
Abstract:We consider a multi-sector overlapping generations model with oligopolistic firms in the output markets and wage-setting trade unions in the labour markets. A coordination problem between firms creates multiple temporary equilibria which are either Walrasian or of the Keynesian unemployment type. There exist many deterministic and stochastic equilibrium cycles fluctuating between Keynesian recession and Walrasian boom periods with arbitrarily long phases in each regime. The cycles are in accordance with certain empirical regularities. Money is neutral and superneutral, but appropriate countercyclical fiscal policies stabilize the cycles in a textbook Keynesian way.
Keywords:D43  E32  E62
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