TY  - JOUR
AB  - The dynamic behavior of a simple macroeconomic disequilibrium model is analyzed in which consumers' changes in money holdings constitute the dynamic link between any two periods. It is shown that, under constant government consumption, a constant production function (no investment), and fixed prices and wages, stationary states of Keynesian unemployment are stable whereas those of repressed inflation are globally unstable. Possibilities of unemployment and output cycles are indicated for fixed wages as well as for some very simple class of wage and price adjustment mechanisms.
DA  - 1978
DO  - 10.1016/0022-0531(78)90070-4
LA  - eng
IS  - 2
M2  - 179
PY  - 1978
SN  - 0022-0531
SP  - 179-199
T2  - Journal of Economic Theory
TI  - Disequilibrium dynamics in a simple macroeconomic model
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-17815980
Y2  - 2024-11-22T05:27:40
ER  -