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Economics

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Imperfect competition, capital shortages and unemployment persistence

Article Abstract:

A mathematical model is developed to study the effects of capital shortages on the imperfect competition condition in the labor market. The study was made to integrate imperfect competition macroeconomics and actual business cycles. The study found that capital shortages can induce unemployment and that this unemployment can persist despite the short-term duration of capital shortages. This study in 'supply-side' economics must be extended to 'demand-side' economics to fully realize the implications of capital shortage on employment.

Capital Budgeting, Econometrics & Model Building, Analysis, Econometrics, Economic forecasting, Macroeconomics, Business models, Monopolistic competition, Technological unemployment, Capital budgets

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Money and wage contracts in an optimizing model of the business cycle

Article Abstract:

A business cycle model was developed to study the optimizing activities of agents in a monetary economy and the cyclical patterns of real wages, prices and inflation. The agents, a firm and household, negotiate wage contracts. The introduction of money under Walrasian market conditions does not change monetary dynamics, but an integration of money and nonclearing markets will have a significant effect on employment and production.

Economic aspects, Money, Wages, Wages and salaries

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On the optimality of activist policies with a less informed government

Article Abstract:

Research investigating the possibility for governments to conduct activist policies in utility maximizing frameworks is presented. Particular attention is given to the finding that optimal policies have activist counter-cyclical effects.

Political aspects, Monetary policy

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