Underemployment Equilibria: Essays in Theory, Econometrics and Policy

This book is a selection of Jacques Drèze's work over the past ten years on the topics of stagflation, lasting unemployment and unused capacity. At the theoretical level, the author has contributed to the formulation and analysis of general equilibrium models that allow for price rigidities and excess supply. These models have interesting macroeconomic implications and lend themselves to econometric implementation. They thus help to pull together separate branches of economics. These models...