Price Flexibility and Output Stability: An Old Keynesian View

James Tobin

Journal of Economic Perspectives, 1993, vol. 7, issue 1, 45-65

Abstract: In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.

JEL-codes: E12 (search for similar items in EconPapers)
Date: 1993
Note: DOI: 10.1257/jep.7.1.45
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Citations: View citations in EconPapers (92)

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Working Paper: Price Flexibility and Output Stability: An Old Keynesian View (1991)
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