Information Failures and Wandering Systems in Keynesian Economics. Clower-Leijonhufvud Revisited

Christian Arnsperger
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Christian Arnsperger: UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES)

No 1990014, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: A reexamination of the Clower-Leijonhufvud approach to Keynesian theory is presented. Central elements are the lack of information available to atomistic economic agents in a decentralized environment, and the insistence on multi-period analysis. Such a reexamination is necessary to avoid the currently widespread identification of Keynesian macroeconomics with models of exogenous prices or of non-atomistic agents. The analysis denies the frequent association between Clower and Leijonhufvud and the fix-price method. It also makes a contribution to the debate between "atomistic" and "nonatomistic" approaches to Keynesian issues.

Keywords: economic theory; macroeconomics (search for similar items in EconPapers)
Pages: 34
Date: 1990-10-01
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:1990014

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