Implicit Contracts and Underemployment Equilibria

Azariadis, Costas

doi:10.1086/260388

Cited by 1,012 publications

(466 citation statements)

References 16 publications

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“…Pour la compléter, on doit montrer que les travailleurs non spécialisés ne peuvent pas concurrencer en termes de salaires le groupe plus spécialisé. On peut faire appel à des rigidités institutionnelles ou de façon plus convaincante, comme Azariadis (1975), dire que les services du travail ne s'échangent pas comme sur les marchés des biens mais qu'ils sont échangés pour un ensemble d'engagements implicites : l'entre-prise s'engage à employer des travailleurs durant une période de temps et selon des termes entendus d'avance. Ces contrats spéci-fient un arbitrage entre les salaires et un niveau d'emploi.…”

Section: Les Stratégies Des Entreprises Et Des Employésunclassified

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Sur l’impact de l’assurance-chômage dans une économie keynésienne : On the impact of unemployment insurance in a Keynesian economy

Hùng

Lefèbvre

2009

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This paper deals with involuntary unemployment. We suppose that wages fail to clear markets and undertake a disequilibrium analysis of the effect of unemployment insurance (U.I.) on unemployment and production. The disequilibrium model is so constructed as to take into account the impact of U.I. on all markets. The neo-classical paradigm based on an equilibrium approach is contrasted with the neo-keynesian paradigm which assumes persistent disequilibrium. It is shown in this perspective that U.I. has an impact on unemployment when the latter is keynesian in nature rather than classical. We conclude that in order to evaluate empirically the effect of U.I., the various kinds of unemployment under analysis must be distinguished. We find moreover, that a disequilibrium framework is most appropriate for the study of unemployment.

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Section: Les Stratégies Des Entreprises Et Des Employésunclassified

“…deviennent alors une variable importante dans la détermination des comportements des entreprises et des travailleurs. Les aspects théoriques de cette question ont été étudiés principalement par Baily (1976, 1977) Feldstein (1976 26 et Azariadis (1975).…”

Section: Les Stratégies Des Entreprises Et Des Employésunclassified

Sur l’impact de l’assurance-chômage dans une économie keynésienne : On the impact of unemployment insurance in a Keynesian economy

Hùng

Lefèbvre

2009

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“…A terceira hipótese, desenvolvida a partir das contribuições de Baily (1974), Gordon (1974) e Azariadis (1975), baseia-se na ideia de que a relação de emprego inclui dispositivos de seguro mútuo entre empregados, que são avessos ao risco, e empregadores, que "são, em parte, especialistas em assumir riscos e podem diversificar os riscos de forma mais eficiente através do mercado de capitais e de outros mercados de ativos" (Rosen, 1994: xiii). Concebido como um equalizador de diferenças, "o risco de desemprego requer um pagamento adicional aos trabalhadores empregados, permitindo-lhes acumular os fundos necessários para sustentar o seu consumo durante os períodos de dificuldades, quando não há trabalho" (Rosen, 1994: xiii), de modo que os salários efetivamente pagos diferenciam-se do salário de equilíbrio, o que explicaria a presença de desemprego involuntário.…”

Section: Desemprego Involuntário E Rigidez Dos Saláriosunclassified

Notas críticas sobre a macroeconomia novo-Keynesiana

Gontijo

2009

Rev. Econ. Polit.

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Critical notes on new-Keynesian macroeconomics. This article shows that, in spite of its great steps towards reality, new-Keynesian macroeconomics seems to be a non-systematic construction with problems originated from "ad hoc" hypothesis required to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, it seems that prices and wages rigidities stand in sandy bases and that the derivation of the IS and LM curves from neoclassical fundamentals is problematic. Even disregarding the apparent difficulties of the neoclassical theory of value and distribution, the new-Keynesian connections between interest rate, money, and output do not seem fully consistent.Keywords: macroeconomics; new-Keynesian theory; non-neutrality of money; price and wage rigidities; nominal and real rigidities; IS and LM curves; newKeynesian Phillips curve; Taylor rule. JEL Classification: E12. INTRODUçãODesde Keynes que a teoria macroeconômica tem evoluído pelos mais díspares caminhos. Já em 1937, veio a público o famoso modelo IS-LM, que dominaria a macroeconomia até princípios da década de 1970, não obstante os protestos dos keynesianos de Cambridge, inconformados com o aparente "abastardamento" do pensamento revolucionário de Keynes. Nesse período, assistiu-se ao retorno das ideias neoclássicas, popularizadas através de Milton Friedman, que desenvolveria, paralelamente a Phelps, a versão aceleracionista da curva de Phillips, incorporando a ideia da "taxa natural de desemprego" e o modelo de expectativas adaptativas

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“…Alternatively, the cost of monitoring workers (Shapiro and Stiglitz, 1984) or implicit contracts (Azariadis, 1975) can increase the marginal cost of labor and lower the equilibrium level of labor, which have been interpreted as involuntary unemployment. While these may all be important factors in the level of unemployment, whether changes in these frictions are closely connected to large shifts in unemployment is questionable.…”

Section: Introductionmentioning

confidence: 99%

Quantity rationing of credit and the Phillips curve

Waters

2013

Journal of Macroeconomics

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Quantity rationing of credit, when some firms are denied loans, has macroeconomic effects not fully captured by measures of borrowing costs. This paper develops a monetary DSGE model with quantity rationing and derives a Phillips Curve relation where inflation dynamics depend on excess unemployment, a risk premium and the fraction of firms receiving financing. Excess unemployment is defined as that which arises from disruptions in credit flows. GMM estimates using data from a survey of bank managers confirms the importance of these variables for inflation dynamics.

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Implicit Contracts and Underemployment Equilibria

Cited by 1,012 publications

References 16 publications

Sur l’impact de l’assurance-chômage dans une économie keynésienne : On the impact of unemployment insurance in a Keynesian economy

Sur l’impact de l’assurance-chômage dans une économie keynésienne : On the impact of unemployment insurance in a Keynesian economy

Notas críticas sobre a macroeconomia novo-Keynesiana

Quantity rationing of credit and the Phillips curve

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