By Frederick van Der Ploeg
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Extra info for Advanced Lectures in Quantitative Economics
An Elementary Sticky Wage Model In the previous section, I devoted rather more attention than might be expected in a survey of fix-price open-economy models, to considering the properties of a simple Walrasian full-employment model. The advantage of this approach is that it highlights the differences which may be attributed to the presence of wage and price rigidities. In the present section, I take the first step towards considering disequilibrium models proper by adding to the model of the last section the assumption that the wage rate is predetermined in the current period.
This has the advantage that the exposition throughout this section can be equally interpreted as applying to a closed economy. 3 how the model may be amended to allow for variable labour supply. In that section, the amendment made little difference to the properties of the model, because there were no goods market constraints. Does the same hold when the economy faces a binding constraint on the level of net exports? In brief, the answer is that not much of importance is altered if unemployment prevails but that an interesting new feature is introduced in the case of excess demand for labour.
Hence, the whole tripod must shift outwards, as shown in Figure 13: the C and R regions expand at the expense of the K region. This confirms what we found earlier in discussing Figure 10: starting from a point such as H in Figure 13, a sufficiently large expansion of demand could move the economy from an initial state of Keynesian unemployment to one of Classical unemployment. Notice that, in considering the effects of an increase in exogenous demand, all that was necessary was to determine its effects on the Walrasian equilibrium, since we already know the shape of the tripod.
Advanced Lectures in Quantitative Economics by Frederick van Der Ploeg