Kinky perceived demand curves and Keynes-Negishi equilibria
Jacques H., DREZE
The label ÒKeynes-Negishi equiibriaÓ is attached here to equilibria in a monetary economy with imperfectly competitive product and labor markets where business firms and labor unions hold demand perceptions with kinks - as posited in NegishiÕs 1979 book Microeconomic Foundations of Keynesian Macroeconomics. Such equilibria are defined in a general equilibrium model, and shown to exist. Methodological implications are briefly discussed in a concluding section.
Equilibrium, imperfect competition, perceived demands, kinky demand, princing rules, union wage model, union objectives, cash-in-advance
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