オガワ　タカユキ   OGAWA Takayuki
  小川　貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2004/04
形態種別 その他
標題 Habit Formation, Irreversible Capital Investment, and Unemployment
執筆形態 単著
掲載誌名 Discussion Papers in Economics and Business, Osaka University, No.04-07
著者・共著者 Takayuki Ogawa
概要 I analyze demand shortages and unemployment using a dynamic optimization model with rational expectations. The model is characterized by households' habit-formation and irreversible physical investment. As commodity demand for consumption is endogenously satiated through habit formation, the steady state is different to that implied by the modified golden rule. In particular, when production capacity is sufficiently large, full employment is inconsistent with market equilibrium. Therefore, unemployment prevails whatever the wage. The mechanism that generates unemployment and the policy implications differ from those of the existing literature.
researchmap用URL https://www2.econ.osaka-u.ac.jp/econ_society/d-p/#2009