Underemployment Equilibria
Essays in Theory, Econometrics and Policy

This 1991 book is a 1991 selection of Jacques Drèze's work on the topics of lasting unemployment, stagflation and unused capacity.

Jacques Drèze (Author)

9780521393188, Cambridge University Press

Hardback, published 26 July 1991

596 pages
22.9 x 15.2 x 3.3 cm, 0.96 kg

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.

Preface
Acknowledgements
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
References
Index.

Subject Areas: Economic theory & philosophy [KCA]