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...

Full description

Bibliographic Details

Published in:	American Journal of Economics & Sociology Vol. 59; no. 2; pp. 315 - 334
Main Author:	Morrison, Clarence C.
Format:	Article
Published:	Wiley-Blackwell April 2000
Subjects:	Nash equilibrium Macroeconomics Keynesian economics Simulation methods & models
Online Access:	View this record in EBSCOhost