//--> //--> //-->
Toggle navigation
Logout
Change account settings
EN
DE
ES
FR
A-Z
Beta
About EconBiz
News
Thesaurus (STW)
Research Skills
Help
EN
DE
ES
FR
My account
Logout
Change account settings
Login
Publications
Events
Your search terms
Search
Retain my current filters
~subject:"temporary equilibria"
Search options
All Fields
Title
Exact title
Subject
Author
Institution
ISBN/ISSN
Published in...
Publisher
Open Access only
Advanced
Search history
My EconBiz
Favorites
Loans
Reservations
Fines
You are here:
Home
Search: subject:"temporary equilibria"
Narrow search
Delete all filters
| 1 applied filter
Year of publication
From:
To:
Subject
All
temporary equilibria
AD type with government activity. Wages and aggregate employment levels are set according to an efficient (Nash) bargaining agreement while the commodity market is cleared in a competitive way. It is shown that, for each level of union power, measured by the share it obtains of the total production surplus, efficient bargaining implies no efficiency loss in production. Depending on the level of union power, temporary equilibria may exhibit voluntary overemployment or underemployment with the competitive equilibrium being a special case. Due to the price feedback from the commodity market and to income-induced demand effects, all temporary equilibria with a positive labor share are not Nash bargaining-efficient with respect to the set of feasible temporary equilibrium allocations. While higher union power induces a larger share of the surplus and a higher real wage, it always implies lower output and employment. Moreover, the induced nominal equilibrium wage is not always a monotonically increasing function of union power. Therefore, all temporary equilibria with efficient bargaining are only Second-best Pareto optimal, i.\,e.\ bargaining power and production efficiency do not lead to temporary optimality. The dynamic evolution of money balances, prices, and wages is analyzed being driven primarily by government budget deficits and expectations by consumers. It is shown that for each fixed level of union power, the features of the dynamics under perfect foresight are structurally identical to those of the same economy under competitive wage and price setting. These are: stationary equilibria with perfect foresight do not exist, except on a set of parameters of measure zero
1
Arbeitslosigkeit
1
Beschäftigung
1
Capital shortage unemployment
1
Classical unemployment
1
Deutschland
1
Dynamisches Modell
1
Germany
1
Gewerkschaftsmitgliedschaft
1
Keynesian unemployment
1
Lohnverhandlungen
1
Makroökonomik
1
Productivity
1
Produktivität
1
Spieltheorie
1
Theorie
1
Theorie der Arbeitslosigkeit
1
Unemployment
1
Unemployment theory
1
Verhandlungsmacht
1
Wirtschaftliche Effizienz
1
asset prices
1
balanced paths of monetary expansion or contraction are the only possibilities inducing constant allocations
1
fix price analysis
1
for small levels of government demand, there exist two balanced paths generically, one of which with high employment and production is always unstable, while the other one may be stable or unstable.
1
hedging
1
iso-employment curves
1
noise traders
1
probabilistic cellur automata
1
productivity
1
random environment
1
temporary equilibria with quantity rationing
1
more ...
less ...
Type of publication
All
Book / Working Paper
1
Language
All
Undetermined
1
Author
All
Föllmer, Hans
1
Institution
All
University of Bonn, Germany
1
Published in...
All
Discussion Paper Serie B
1
Source
All
RePEc
1
Showing
1
-
1
of
1
Sort
relevance
articles prioritized
date (newest first)
date (oldest first)
1
Stock Price Fluctuation as a Diffusion in a Random Environment
Föllmer, Hans
-
University of Bonn, Germany
-
1993
The fluctuation of stock prices is modelled as a sequence of
temporary
equilibria
on a financial market with different …
Persistent link: https://www.econbiz.de/10005032176
Saved in:
Results per page
10
25
50
100
250
A service of the
zbw
×
Loading...
//-->