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Underemployment Equilibria
Essays in Theory, Econometrics and Policy

$45.00 USD

  • Date Published: May 2012
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781139240406

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About the Authors
  • This 1991 book is a selection of Jacques Drèze's work over the last decade on the topics of lasting unemployment, stagflation and unused capacity. At the theoretical level, the author has contributed to the formulation and analysis of general equilibrium models which allow for price rigidities and excess supply and lend themselves to econometric implementation, thus represents an attempt to integrate micro- and macroeconomics, and to use theory for empirical and policy purposes.

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    Product details

    • Date Published: May 2012
    • format: Adobe eBook Reader
    • isbn: 9781139240406
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Part I. Overview:
    1. Underemployment equilibria: from theory to economics and policy
    Part II. Equilibria With Price Rigidities:
    2. Existence of an exchange equilibrium under price rigidities
    3. On supply-constrained equilibria
    4. Competitive equilibria with quantity-taking producers and increasing returns to scale
    Part III. Efficiency of Constrained Equilibria:
    5. Optimality properties of rationing schemes
    6. Values of markets with satiation or fixed prices
    Part IV. Public Goods and the Public Sector:
    7. Public goods with exclusion
    8. Second-best analysis with markets in disequilibrium: public sector pricing in a keynesian regime
    Part V. Price Adjustments:
    9. Demand estimation, risk aversion and sticky prices
    10. Stability of a keynesian adjustment process
    Part VI. Wage Policies:
    11. The role of securities and labour contracts in the optimal allocation of risk-bearing
    12. Wages, employment and the equity-efficiency trade-off
    13. Labour management, contracts and capital markets: some macroeconomic aspects, and conclusions
    Part VII. Econometrics:
    14. The trade-off between real wages and employment in an open economy (Belgium)
    15. A discussion of Belgium unemployment, combining traditional concepts and disequilibrium econometrics
    16. Europe's unemployment problem: introduction and synthesis
    Part VIII. Policy:
    17. Work-sharing: some theory and recent European experience
    18. The two-handed growth strategy for Europe: autonomy through flexible cooperation

  • Author

    Jacques Drèze

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