By Frederick van Der Ploeg
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Extra resources for Advanced Lectures in Quantitative Economics
13) continues to apply. 12). Instead, it is given by: Y(q>P, w) = qyn(q, w)+pyt(p, w). 12), and so the effective locus must lie to the left of the notional locus NN in the unemployment region. However, it turns out that the slope of the effective 24 It may be checked that, if w and q are assumed to adjust according to tâtonnement mechanisms, then the equilibrium at A is globally stable. 25 For simplicity, I assume that the trade balance is initially zero so that the share of the nontraded good in aggregate consumption equals its share in GNP.
12) where en(yn)9 equal to the inverse of the production function fn(en), is the effective labour demand function for the non-traded sector when it faces a sales constraint of yn. A key property of this locus is that, because w K LL' LL R ΝΝ' Figure 17. Effective equilibria when both w and q are sticky. w w0 Or Yn Yn Figure 18. Coexistence of Classical and Keynesian unemployment.
Once again the actual level of output at different prices is represented by the heavily scored locus: the short-side rule implies that Keynesian unemployment must obtain for price levels above pE and Classical unemployment for prices below. One additional observation allows us to deduce the implications of this for the typology of unemployment in the right-hand panel. Note that, at point F, the notional supply of output (which is not realized because it exceeds notional demand) equals the full-employment level.