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| Author: | Kaas, L. Madden, P. |
| Title: | Imperfectly competitive cycles with Keynesian and Walrasian features |
| Journal: | European Economic Review
2005 : MAY, VOL. 48:4, p. 861-886 |
| Index terms: | Business cycles Imperfect competition Stabilization Keynesian school Models |
| Language: | eng |
| Abstract: | This article examines oligopolistic firms in the output markets and wage-setting trade unions in the labour markets using a multi-sector overlapping generations model. The strategic interaction between firms creates a coordination problem and multiple equilibria, and this can lead to endogenous business cycles fluctuating between Keynesian and Walrasian unemployment type. |
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