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

Christian Arnsperger

Chapter 14 in The Notion of Equilibrium in the Keynesian Theory, 1992, pp 189-217 from Palgrave Macmillan

Abstract: Abstract This chapter presents a critical re-examination of the Clower-Leijonhufvud approach to Keynesian theory, stressing as central elements the lack of information available to atomistic economic agents in a decentralised 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.1 The analysis denies the frequent association between Clower and Leijonhufvud and the fix-price method, and contributes to the debate between ‘atomistic’ and ‘non-atomistic’ approaches to Keynesian issues.

Keywords: Market Power; Reservation Price; Atomistic Agent; Initial Shock; Coordination Failure (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-22086-1_14

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DOI: 10.1007/978-1-349-22086-1_14

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