Non-existence of market-clearing wages when the output market is imperfectly competitive

Leo Kaas; Paul Madden

doi:10.1016/j.econlet.2004.01.010

Non-existence of market-clearing wages when the output market is imperfectly competitive

Leo Kaas, Paul Madden

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

In a sector in which oligopolistic firms face a sector-specific labour supply constraint, there may be no market-clearing wage. Instead, at some wages, there can be two equilibria, one with involuntary unemployment and one with unfilled vacancies. © 2004 Elsevier B.V. All rights reserved.

Original language	English
Pages (from-to)	175-182
Number of pages	7
Journal	Economics Letters
Volume	84
Issue number	2
DOIs	https://doi.org/10.1016/j.econlet.2004.01.010
Publication status	Published - Aug 2004

Keywords

Imperfect competition
Involuntary unemployment
Multiple equilibria

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10.1016/j.econlet.2004.01.010

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title = "Non-existence of market-clearing wages when the output market is imperfectly competitive",

abstract = "In a sector in which oligopolistic firms face a sector-specific labour supply constraint, there may be no market-clearing wage. Instead, at some wages, there can be two equilibria, one with involuntary unemployment and one with unfilled vacancies. {\textcopyright} 2004 Elsevier B.V. All rights reserved.",

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AB - In a sector in which oligopolistic firms face a sector-specific labour supply constraint, there may be no market-clearing wage. Instead, at some wages, there can be two equilibria, one with involuntary unemployment and one with unfilled vacancies. © 2004 Elsevier B.V. All rights reserved.

KW - Imperfect competition

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KW - Multiple equilibria

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DO - 10.1016/j.econlet.2004.01.010

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JO - Economics Letters

JF - Economics Letters

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Non-existence of market-clearing wages when the output market is imperfectly competitive

Abstract

Keywords

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