General Equilibrium Wage and Price Distributions

James Albrecht, Bo Axell and Harald Lang

The Quarterly Journal of Economics, 1986, vol. 101, issue 4, 687-706

Abstract: This paper extends models of search market equilibrium to incorporate general-equilibrium considerations. The model we treat is one with a single product market and a single labor market. An equilibrium distribution of prices and wages is the result of optimal price- and wage-setting behavior by firms in conjunction with optimal search by individuals. We prove the existence of a degenerate equilibrium and of a two-point dispersion equilibrium.

Date: 1986
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