非自発的失業の存在 - 3世代重複モデルも含めて -

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. In a two-periods overlapping generations model it is possible that a reduction of nominal wage rate reduces unemployment. However, if we consider a three periods overlapping generations model including childhood period, a reduction of nominal wage rate does not necessarily reduce unemployment.