On the Boundary Between Keynesian Unemployment and Repressed Inflation

Thomas McCurdy and Demetrius Yannelis

Working Paper from Economics Department, Queen's University

Abstract: In a Malinvaud disequilibrium model we show that along the boundary between Keynesian unemployment and repressed inflation is a continuum of non-Walrasian equilibria. Therefore, if wages are prices adjust according to (Clower-Benassy) effective excess demand function, the rest point will generally be a non-Walrasian equilibrium and not the Walrasian ones other authors have argued

Pages: 13 pages
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:568

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