Flexibilidad de precios y estabilidad de la produccion : punto de vista de un antiguo keynesiano

In this work James Tobin analyses the validity of the main theses which differentiate keynesian from neoclassical macroeconomics. His analysis is aimed towards new macroeconomic theory - which attempts to give a microeconomic foundation to old keynesian thought- and J. Tobin denies his thesis according to which deficiency in aggregate demand could not take place without an absolute rigidity in monetary prices and wages. On the contrary, he proves that output and employment can be restricted by aggregate demand if markets are not instantaneously and continually cleared. He comments on some of the explanations backing up the rigidity of nominal prices and wages.