非自発的失業の存在 - 単純な世代重複完全競争モデルによって -

We show the existence of involuntary unemployment without assuming wage rigidity. We derive involuntary unemployment by considering utility maximization of consumers and profit maximization of firms in an overlapping generations model under perfect competition with constant returns to scale technology. We show that there exists involuntary unemployment even when labor supply is divisible. We also show that reduction of nominal wages can not rescue involuntary unemployment.