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Long Run Dynamics in a Disequilibrium Macro Model

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  • Demetrius Yannelis

Abstract

In a one sector disequilibrium model, I show that in the long run steady states with repressed inflation or Keynesian unemployment exist if prices and wages adjust sluggishly. Stability depends on the spillover effects, the degree of rationing of producers and the speed of adjustment in labour and output markets.

Suggested Citation

  • Demetrius Yannelis, 1982. "Long Run Dynamics in a Disequilibrium Macro Model," Working Paper 509, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:509
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