EconPapers    
Economics at your fingertips  
 

Walras-Keynes equilibria coordination and macroeconomics

Jacques Dreze

No 1997051, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: In decentralised market economies, supply-constrained equilibria may persist as coordination failures, sustained but not caused by price rigidities. This feature may be arbitrarily severe, even at prices com- patible with competitive equilibrium. The supply-constraints may originate in rational expectations. Some implications for macroeco- nomics are drawn. The possibility of coordination failures explains why organised labour may resist wage flexibility. These features are il- lustrated in elementary macroeconomic prototypes, like RBC or Barro- Grossman-Malinvaud prototypes.

Keywords: coordination failures; supply constraints; price rigidities; macroeconomics. (search for similar items in EconPapers)
JEL-codes: E00 (search for similar items in EconPapers)
Date: 1997-07-24
References: Add references at CitEc
Citations: View citations in EconPapers (15) Track citations by RSS feed

Downloads: (external link)
https://uclouvain.be/en/research-institutes/immaq/core/dp-1997.html (text/html)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Journal Article: Walras--Keynes equilibria coordination and macroeconomics (1997) Downloads
Working Paper: Walras-Keynes equilibria coordination and macroeconomics (1997) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:1997051

Access Statistics for this paper

More papers in CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) Voie du Roman Pays 34, 1348 Louvain-la-Neuve (Belgium). Contact information at EDIRC.
Bibliographic data for series maintained by Alain GILLIS ().

 
Page updated 2019-07-21
Handle: RePEc:cor:louvco:1997051