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On the Boundary Between Keynesian Unemployment and Repressed Inflation

Thomas H. McCurdy, Demetrius Yannelis

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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

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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

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Available 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

Key concepts: Economics, Keynesian economics, Disequilibrium, Unemployment, Inflation (cosmology), New Keynesian economics, General equilibrium theory, Rest (music)

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