General equilibrium simulations and Keynesian economic analysis: some simple microfoundations from an old fashioned general equilibrium perspective.
Using a general equilibrium model that is completely free of macroeconomic aggregates, this paper addresses some questions that are central to macroeconomics. Keynes' underemployment equilibrium is replicated, but it is illustrated that this result rests on the assumption that stockholders are so pe...
| Publicado en: | American Journal of Economics & Sociology Vol. 59; no. 2; pp. 315 - 334 |
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| Formato: | Artículo |
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Wiley-Blackwell
April 2000
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511159558&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511159558 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00029246 AES jtl: American Journal of Economics & Sociology issn: 00029246 maglogo: N pubinfo: dt: April 2000 vid: 59 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 511159558 ppf: 315 ppct: 19 formats: fmt: @attributes: type: T tig: atl: General equilibrium simulations and Keynesian economic analysis: some simple microfoundations from an old fashioned general equilibrium perspective. aug: au: Morrison, Clarence C. su: Nash equilibrium Macroeconomics Keynesian economics Simulation methods & models sug: subj: Nash equilibrium Macroeconomics Keynesian economics Simulation methods & models ab: Using a general equilibrium model that is completely free of macroeconomic aggregates, this paper addresses some questions that are central to macroeconomics. Keynes' underemployment equilibrium is replicated, but it is illustrated that this result rests on the assumption that stockholders are so pessimistic that they save (hoard) all unanticipated dividends for a rainy day. If stockholders spend their unanticipated dividends in the next time period it is illustrated that unemployment will converge to zero over time. This process can be speeded by wage adjustments but will occur with or without wage flexibility. In addition, some fairly plausible scenarios involving overfull employment and inflation are presented. Finally, it is illustrated that if the producers in the model attempt to maneuver labor shortages to their advantage, they may be met with unanticipated results. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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