Price Flexibility and the Stability of Full-Employment Equilibrium

James Tobin

Chapter 4 in Monetary Theory and Thought, 1993, pp 55-73 from Palgrave Macmillan

Abstract: Abstract It is a pleasure and a privilege to be here celebrating the coming of age of Don Patinkin. We wish him many more years of activity as a model economist — theorizing, teaching, and applying. We wish for ourselves many more years of his wisdom, leadership and friendship. For almost half a century Don and I have followed parallel paths, trying to figure out the basic puzzles of macroeconomics and monetary theory. We have not been colleagues, or rivals. We have been friends with respect for one another. We have identified the same central issues, although we have not always resolved them alike.

Keywords: Real Wage; Full Employment; Nominal Wage; Money Wage; Price Rigidity (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12535-7_4

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DOI: 10.1007/978-1-349-12535-7_4

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