Kinky perceived demand curves and Keynes-Negishi equilibria

Jacques Dreze and P. Jean-Jacques Herings

No 2007075, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: The label "Keynes-Negishi equilibria" 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; pricing rules; union wage model; union objectives; cash-in-advance (search for similar items in EconPapers)
Date: 2007-09-01
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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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