A Non-Walrasian Model of Employment with Partial Price Flexibility and Indexation

Jean-Pascal Benassy

Chapter 6 in Issues in Contemporary Macroeconomics and Distribution, 1985, pp 184-196 from Palgrave Macmillan

Abstract: Abstract In recent years some theories have developed that formalize in various ways the basic Keynesian idea that prices may not clear markets at all times, and thus that economic adjustments take place by quantities as much as by prices, a point that had been emphasized notably by Clower (1965) and Leijonhufvud (1968). These theories have been developed both in a microeconomic and in a macroeconomic framework.1

Keywords: Good Market; Excess Supply; Wage Rigidity; Walrasian Equilibrium; Income Policy (search for similar items in EconPapers)
Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06879-1_6

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DOI: 10.1007/978-1-349-06879-1_6

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