Speculation, Rational Expectations and the Pure Theory of the Macroeconomy

M. L. Burstein

Chapter 6 in Modern Monetary Theory, 1986, pp 80-96 from Palgrave Macmillan

Abstract: Abstract After publication of the General Theory, economists centred on the existence of full-employment equilibrium without reflecting on the principal problem: can the players in the macroeconomic game reach the set of imputations comprising its core?; are they intrinsically incapable of achieving a strong equilibrium, i.e. the solution of the problem in welfare economics conjugate to the macroequilibrium problem?; if not, why not?

Keywords: Industrial Sector; Money Supply; Rational Expectation; Rest Point; Strong Equilibrium (search for similar items in EconPapers)
Date: 1986
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DOI: 10.1007/978-1-349-18070-7_6

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