Aggregate Supply: A Reformulation

Jose Encarnacion

No 199102, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: This paper proposes an aggregate supply function based on monopolistically competitive firms without assuming a Phillips curve relation. With aggregate demand the resulting framework can accommodate Phillips curves, stagflation, and procyclical real wages. There is a range of potential full-employment output levels, and interestingly, from unemployment equilibrium it may be possible to reach full employment with a higher real wage.

Date: 1991-02
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Published as UPSE Discussion Paper No. 1991-02, February 1991

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