Is Keynes's involuntary unemployment only cyclical? A review of the debates on the formalization of Keynesian unemployment

Le chômage involontaire de Keynes n’est-il que conjoncturel ? Un retour sur les débats autour de la formalisation du chômage keynésien

Nicolas Piluso (), Edwin Le Heron and Edouard Cottin-Euziol ()
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Edouard Cottin-Euziol: LC2S - Laboratoire caribéen de sciences sociales - CNRS - Centre National de la Recherche Scientifique - UA - Université des Antilles

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Abstract: In this article, we set out to demonstrate that the idea commonly found in macroeconomics textbooks that Keynesian unemployment is simply cyclical, is fallacious. After highlighting the shortcomings of traditional interpretations that confine Keynesian unemployment to a short-run perspective, we show that several types of macroeconomic models exhibit involuntary unemployment equilibria over the long run. In particular, it will be shown that there are many cases where full employment may not be achieved despite price and wage flexibility.

Keywords: Involuntary unemployment; Wage flexibility; Growth; SFC models; Chômage involontaire; Flexibilité des salaires; Croissance; Modèles SFC (search for similar items in EconPapers)
Date: 2022-11-29
New Economics Papers: this item is included in nep-pke
Note: View the original document on HAL open archive server: https://hal.science/hal-03826068v2
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Published in Interventions Economiques : Papers in Political Economy, 2022, 68, pp.1-18. ⟨10.4000/interventionseconomiques.19694⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03826068

DOI: 10.4000/interventionseconomiques.19694

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