Arbeitspapier
A Keynesian Dynamic Stochastic Labor-Market Disequilibrium model for business cycle analysis
A Dynamic Stochastic Labor-Market Disequilibrium (DSLMD) model is proposed for Keynesian business cycle analysis. It shares the type of micro-foundation known from neoclassical Dynamic Stochastic General Equilibrium (DSGE) models but characterizes economic mechanisms consistent with Traditional Post-Keynesian (TPK) models. Wage inflation is perceived as a non-market-clearing policy variable which may be subject to a collective Nash bargaining process with the state of the labor market affecting the relative bargaining power. The core insights are twofold: First, apart from assumptions regarding expectation formation, the DSGE-type of micro-foundation is, to a considerable extent, consistent with the behavioral hypotheses underlying TPK models. Second, the economy characterized by the DSLMD model is post-Keynesian rather than neoclassical.
- Sprache
-
Englisch
- Erschienen in
-
Series: IMK Working Paper ; No. 157
- Klassifikation
-
Wirtschaft
Economic Methodology
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Dispute Resolution: Strikes, Arbitration, and Mediation; Collective Bargaining
- Thema
-
dynamic stochastic labor-market disequilibrium
dynamic stochastic general equilibrium
post-Keynesian economics
micro-foundations
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schoder, Christian
- Ereignis
-
Veröffentlichung
- (wer)
-
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
- (wo)
-
Düsseldorf
- (wann)
-
2015
- Handle
- URN
-
urn:nbn:de:101:1-201602195038
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Schoder, Christian
- Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
Entstanden
- 2015
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