DISEQUILIBRIUM THEORIES AND THEIR POLICY IMPLICATIONS: TOWARDS A SYNTHETIC DISEQUILIBRIUM APPROACH

Panayotis G. Korliras

Kyklos, 1980, vol. 33, issue 3, 449-474

Abstract: This paper examines the Friedman‐Phelps‘expectational (dis)equilibrium’ and the Clower‐Leijonhufvud‘non‐market‐clearing’ paradigms as alternative disequilibrium theories, and draws their respective policy implications. Then, these paradigms are taken as complementary to each other, as containing necessary ingredients for a synthetic disequilibrium theory, whose policy implications can only tentatively be explored. A general disequilibrium theory is founded on the notion of ‘disequilibrium consciousness’ and on a detailed characterization of ‘conjectural’ price and/or quantity responses to non‐market‐clearing, whose quasi‐equilibrium outcome is conditioned by both expectations and the intra‐market spillover effect.

Date: 1980
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