WAGE FLEXIBILITY AND THE STABILITY ARGUMENTS OF THE NEOCLASSICAL SYNTHESIS
作者:
Peter Flaschel,
Reiner Franke,
期刊:
Metroeconomica
(WILEY Available online 1996)
卷期:
Volume 47,
issue 1
页码: 1-18
ISSN:0026-1386
年代: 1996
DOI:10.1111/j.1467-999X.1996.tb00384.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
ABSTRACTThis note fills a lacuna in the neoclassical synthesis and completes its dynamic disequilibrium processes by including adjustments of the money wage rate in response to excess demand on the labour market. A Walrasian and a Keynesian variant are distinguished. While in the first case local asymptotic stability is always ensured, the equilibrium is unstable in the Keynesian case if money wages are too flexible relative to the adjustment speeds on the product and money markets.
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