On the Boundary Between Keynesian Unemployment and Repressed Inflation

In a Malinvaud disequilibrium model we show that along the boundary between Keynesian unemployment and repressed inflation is a continuum of non-Walrasian equilibria. Therefore, if wages are prices adjust according to (Clower-Benassy) effective excess demand function, the rest point will generally be a non-Walrasian equilibrium and not the Walrasian ones other authors have argued

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Year of publication:	1984
Authors:	McCurdy, Thomas H. ; Yannelis, Demetrius C.
Institutions:	Economics Department, Queen's University

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Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	13 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005653051