Supply, Demand, and Specialized Production

James D. Hamilton

No 28888, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper develops a growth model characterized by equilibrium unemployment and sustained monopoly power. The level of demand is a key factor in deviations from the steady-state growth path with a Keynesian-type spending multiplier despite the absence of any nominal rigidities. The key friction in the model is the technological requirement that production of certain goods requires a dedicated team of workers that takes time to train and assemble.

JEL-codes: E0 (search for similar items in EconPapers)
Date: 2021-06
New Economics Papers: this item is included in nep-cwa and nep-mac
Note: EFG
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