By Frederick van Der Ploeg
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Extra info for Advanced Lectures in Quantitative Economics
34 Consider first Figure 11a. In the left-hand panel the economy's notional aggregate demand and supply curves are drawn: 'notional' in the sense that they represent the amounts demanded or supplied in the absence of quantity constraints. 3, this assumption is implicitly made by those writers who assume that profits are redistributed to households with a one-period lag. It thus explains, for example, the result of Malinvaud (1977) that a wage cut lowers unemployment. 33 Put differently, using the terminology of rationing theory (see Neary and Roberts (1980)), unemployment is Keynesian whenever the actual wage is less than the 'virtual wage*.
Variable Labour Supply So far, I have assumed that households are always willing to supply a fixed amount of labour services, L, and that restrictions on their ability to do so affect their behaviour only to the extent that they directly reduce their income. 19 Indeed, one of the first and best known papers in the field, that of Clower (1965), emphasized the inclusion of current income among the arguments of demand functions as the key innovation of Keynesian economics. It is of interest to examine therefore, how crucial this change in assumptions really is.
As for region K, unemployment here depends on Neo-Keynesian Macroeconomics in an Open Economy 41 demand and so is negatively related to p, but it is independent of w. Isoemployment loci are therefore vertical straight lines, corresponding to higher levels of unemployment the further they are from A. Finally, within the R region, the level of employment is fixed although the levels of incipient excess demand (as measured by the difference between notional demand and supply for goods and labour) are greater the lower are w and/7.