The Hahn-Solow macro model

Helmut Frisch ()
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Helmut Frisch: Institut f, r Volkswirtschaftslehre und Volkswirtschaftspolitik, Technische Universit, t Wien, Argentinierstra, e 8/175, A-1040 Wien, Austria

Journal of Evolutionary Economics, 1999, vol. 9, issue 2, 265-270

Abstract: The Hahn-Solow macromodel is characterized by fixed nominal wages, increasing returns on capital and pricesetting under an imperfect competitive environment. It proposes that a fall in unemployment is always accompanied by a rise in real wages. The two authors demonstrate that involuntary unemployment is compatible with equilibrium in the goods- and labormarket but they can hardly explain the macroeconomic records of the recent three decades in the US and in Europe.

Keywords: Involuntary unemployment; Increasing returns on capital; Rubinstein game; Fair equilibrium; Monetary policy (search for similar items in EconPapers)
Date: 1999-05-03
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