Underemployment Equilibria

Preface; Acknowledgements; Part I. Overview: 1. Underemployment equilibria: from theory to economics and policy; Part II. Equilibria With Price Rigidities: 2. Existence of an exchange equilibrium under price rigidities; 3. On supply-constrained equilibria; 4. Competitive equilibria with quantity-taking producers and increasing returns to scale; Part III. Efficiency of Constrained Equilibria: 5. Optimality properties of rationing schemes; 6. Values of markets with satiation or fixed prices; Part IV. Public Goods and the Public Sector: 7. Public goods with exclusion; 8. Second-best analysis with markets in disequilibrium: public sector pricing in a keynesian regime; Part V. Price Adjustments: 9. Demand estimation, risk aversion and sticky prices; 10. Stability of a keynesian adjustment process; Part VI. Wage Policies: 11. The role of securities and labour contracts in the optimal allocation of risk-bearing; 12. Wages, employment and the equity-efficiency trade-off; 13. Labour management, contracts and capital markets: some macroeconomic aspects, and conclusions; Part VII. Econometrics: 14. The trade-off between real wages and employment in an open economy (Belgium); 15. A discussion of Belgium unemployment, combining traditional concepts and disequilibrium econometrics; 16. Europe's unemployment problem: introduction and synthesis; Part VIII. Policy: 17. Work-sharing: some theory and recent European experience; 18. The two-handed growth strategy for Europe: autonomy through flexible cooperation; References; Index.