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.
- Language
-
Englisch
- Bibliographic citation
-
Series: IMK Working Paper ; No. 157
- Classification
-
Wirtschaft
Economic Methodology
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Dispute Resolution: Strikes, Arbitration, and Mediation; Collective Bargaining
- Subject
-
dynamic stochastic labor-market disequilibrium
dynamic stochastic general equilibrium
post-Keynesian economics
micro-foundations
- Event
-
Geistige Schöpfung
- (who)
-
Schoder, Christian
- Event
-
Veröffentlichung
- (who)
-
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
- (where)
-
Düsseldorf
- (when)
-
2015
- Handle
- URN
-
urn:nbn:de:101:1-201602195038
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Schoder, Christian
- Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
Time of origin
- 2015
Other Objects (12)
A Keynesian Dynamic Stochastic Labor-Market Disequilibrium model for business cycle analysis
Macroeconomic fluctuations in a New Keynesian disequilibrium model
Macroeconomic fluctuations in a New Keynesian disequilibrium model
Buffer stock savings in a New-Keynesian business cycle model
Inventories and real rigidities in new Keynesian business cycle models
Business cycle implications of internal consumption habit for New Keynesian models
CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle
Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle
A disequilibrium-equilibrium model with money and bonds : a Keynesian-Walrasian synthesis
Post-Keynesian dynamic stochastic general equilibrium theory
Business cycle dynamics of a new Keynesian overlapping generations model with progressive income taxation
A Keynesian Dynamic Stochastic Labor-Market Disequilibrium model for business cycle analysis
Macroeconomic fluctuations in a New Keynesian disequilibrium model
Macroeconomic fluctuations in a New Keynesian disequilibrium model
Buffer stock savings in a New-Keynesian business cycle model
Inventories and real rigidities in new Keynesian business cycle models
Business cycle implications of internal consumption habit for New Keynesian models
CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle
Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle
A disequilibrium-equilibrium model with money and bonds : a Keynesian-Walrasian synthesis
Post-Keynesian dynamic stochastic general equilibrium theory
Business cycle dynamics of a new Keynesian overlapping generations model with progressive income taxation
A Keynesian Dynamic Stochastic Labor-Market Disequilibrium model for business cycle analysis
Macroeconomic fluctuations in a New Keynesian disequilibrium model
Macroeconomic fluctuations in a New Keynesian disequilibrium model
Buffer stock savings in a New-Keynesian business cycle model
Inventories and real rigidities in new Keynesian business cycle models
Business cycle implications of internal consumption habit for New Keynesian models
CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle
Search Unemployment in a Dynamic New Keynesian Model of the Business Cycle
A disequilibrium-equilibrium model with money and bonds : a Keynesian-Walrasian synthesis
Post-Keynesian dynamic stochastic general equilibrium theory