Kinky perceived demand curves and Keynes-Negishi equilibria

Jacques Dreze and P. Jean-Jacques Herings

No 2007037, Discussion Papers (ECON - Département des Sciences Economiques) from Université catholique de Louvain, Département des Sciences Economiques

Abstract: The label “Keynes-Negishi equiibria” 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.

Keywords: Equilibrium; imperfect competition; perceived demands; kinky demand; princing rules; union wage model; union objectives; cash-in-advance (search for similar items in EconPapers)
JEL-codes: D50 E12 J51 (search for similar items in EconPapers)
Pages: 50
Date: 2007-12-01
New Economics Papers: this item is included in nep-mac
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Related works:
Working Paper: Kinky perceived demand curves and Keynes-Negishi equilibria (2009)
Journal Article: Kinky perceived demand curves and Keynes–Negishi equilibria (2008)
Working Paper: Kinky perceived demand curves and Keynes-Negishi equilibria (2007)
Working Paper: Kinky perceived demand curves and Keynes-Negishi equilibria (2007)
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