Kinky Perceived Demand Curves and keynes-Negishi Equilibria

J. Drèze; P.J.J. Herings

doi:10.1111/j.1742-7363.2008.00072.x

Kinky Perceived Demand Curves and keynes-Negishi Equilibria

J. Drèze^*, P.J.J. Herings

^*Corresponding author for this work

Microeconomics & Public Economics

Research output: Contribution to journal › Article › Academic › peer-review

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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.

Original language	English
Pages (from-to)	207-246
Number of pages	39
Journal	International Journal of Economic Theory
Volume	4
DOIs	https://doi.org/10.1111/j.1742-7363.2008.00072.x
Publication status	Published - 1 Jan 2008

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10.1111/j.1742-7363.2008.00072.x

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Cite this

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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.",

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