Long Run Dynamics in a Disequilibrium Macro Model

Demetrius Yannelis

Working Paper from Economics Department, Queen's University

Abstract: In a one sector disequilibrium model, I show that in the long run steady states with repressed inflation or Keynesian unemployment exist if prices and wages adjust sluggishly. Stability depends on the spillover effects, the degree of rationing of producers and the speed of adjustment in labour and output markets.

Pages: 28
Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:509

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