Equilibrium Involuntary Unemployment under Oligempory

Institut für Höhere Studien (IHS), Wien Institute for Advanced Studies, Vienna

Reihe Ökonomie / Economics Series No. 68

Equilibrium Involuntary Unemployment under Oligempory

Leo Kaas, Paul Madden

Equilibrium Involuntary Unemployment under Oligempory

Leo Kaas, Paul Madden

Reihe Ökonomie / Economics Series No. 68

June 1999

Leo Kaas

Department of Economics and Finance Institute for Advanced Studies

Stumpergasse 56, A -1060 Vienna, AUSTRIA Phone: +43/1/599 91-250

Fax: +43/1/599 91-163 E-mail: [email protected]

Paul Madden

School of Economic Studies Manchester University

Manchester M13 9PL, UNITED KINGDOM Phone: +44/161/275 4870

Fax: +44/161/275 4812 E-mail: [email protected]

Institut für Höhere Studien (IHS), Wien

Institute for Advanced Studies, Vienna

The Institute for Advanced Studies in Vienna is an independent center of postgraduate training and research in the social sciences. The Economics Series presents research carried out at the Department of Economics and Finance of the Institute. Department members, guests, visitors, and other researchers are invited to submit manuscripts for possible inclusion in the series. The submissions are subjected to an internal refereeing process.

Editorial Board Editor:

Robert M. Kunst (Econometrics) Associate Editors:

Walter Fisher (Macroeconomics)

Klaus Ritzberger (Microeconomics)

Abstract

We show that equilibrium involuntary unemployment emerges in a multi-stage game model where all market power resides with firms, on both the labour and the output market. Firms decide wages, employment, output and prices, and under constant returns there exists a continuum of subgame perfect equilibria involving unemployment. A firm does not undercut the equilibrium wage since then high wage firms would attract its workers, thus forcing the low wage firm out of both markets. Full employment equilibria may also exist, but only the involuntary unemployment equilibria are robust to decreasing returns.

Keywords

Involuntary unemployment, multi-stage game, imperfect competition

JEL Classifications

D43, E24

Comments

We thank Woojin Lee and seminar participants in Manchester, Milan, Prague, Vienna and Warwick

for helpful comments.

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