Micro-founded macro-models and labour market

PierCarlo Nicola

Chaos, Solitons & Fractals, 2006, vol. 29, issue 3, 671-680

Abstract: This essay aims at presenting a dynamic macro-economic model which is micro-founded, in order to introduce in a more realistic way the labour market, by separating demand and supply, since their determinants are different: labour demand comes mainly from the maximizing bahaviour of firms, while labour supply is chosen by families on the basis (but not only) of the real wage rate. A number of computer simulations show that many different types of trajectories are possible, from a stationary state to regular growth, to both regular and damped business cycles.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:29:y:2006:i:3:p:671-680

DOI: 10.1016/j.chaos.2005.08.098

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