Simultaneous Price-Quantity Adjustment in the Presence of Spillovers Across Markets

Thomas McCurdy and Demetrius Yannelis

Working Paper from Economics Department, Queen's University

Abstract: This paper analyses the implications of simultaneous output, price and wage adjustment at finite rates. Firms use a Marshallian-type output adjustment which uses available information about notional magnitudes. With this adjustment structure, the Walrasian equilibrium is globally stable. This result is compared to the formulation which excludes the forces of motion on the regime boundaries.

Pages: 28 pages
Date: 1984
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Working Paper: Simultaneous Price-Quantity Adjustments in the Presence of Spillovers Across Markets (1985)
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:569

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