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| Tekijä: | Flaschel, P. Franke, R. |
| Otsikko: | An old-Keynesian note on destabilizing price flexibility |
| Lehti: | Review of Political Economy
2000 : JUL, VOL. 12:3, p. 273-284 |
| Asiasana: | PRICES FLEXIBILITY RECESSION |
| Kieli: | eng |
| Tiivistelmä: | Tobin's (1975) macrodynamic model on 'recession and depression' is extended by introducing two separate adjustment rules for money wages and the price level. It turns out that sluggish prices and, under an additional assumption, also sticky wages are favourable for local stability of the long-run equilibrium, while a high degree of flexibility tends to be destabilising. In addition, a disposition to cyclical behavior is indicated. |
SCIMA