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首页> 外文期刊>Journal of Macroeconomics >Keynesian Dynamics and the Wage-Price Spiral: A Baseline Disequilibrium Model.
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Keynesian Dynamics and the Wage-Price Spiral: A Baseline Disequilibrium Model.

机译：凯恩斯动力学与工资价格螺旋：基线不平衡模型。

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摘要

We reformulate the traditional AS-AD growth model of the Neoclassical synthesis, stage I, as a disequilibrium approach to aggregate supply analysis, with sticky wages, sticky prices, myopic perfect foresight on current inflation rates, and adaptively formed medium-run expectations concerning the investment and the inflation climate. Both LM curve and an interest rate policy rule are considered. The resulting nonlinear 5D model of labor and goods market disequilibrium avoids striking anomalies of the traditional Neoclassical synthesis AS-AD model. It exhibits instead Keynesian feedback dynamics proper with asymptotic stability for low adjustment speeds and with cyclical loss of stability when some adjustment speeds are sufficiently large. In such cases, downward money wage rigidities serve to make the overall dynamics bounded and thus viable. We thus obtain a baseline D(is equilibrium)AS-AD model with Keynesian feedback channels with a rich set of stability/instability features as sources of the business cycle. The outcomes of the model stand in stark contrast to those of the currently fashionable (closely related) model of the New Keynesian alternative.
机译：我们重新制定了新古典综合第一阶段的传统AS-AD增长模型，将其作为总供给分析的不平衡方法，采用了固定工资，固定价格，对当前通货膨胀率的近视完美预见，并针对有关通货膨胀率自适应地形成了中期预期投资和通胀环境。同时考虑了LM曲线和利率政策规则。由此产生的劳动力和商品市场不平衡的非线性5D模型避免了传统新古典综合AS-AD模型的明显异常。取而代之的是，它表现出凯恩斯反馈动力学，该动力学具有渐近稳定性，适用于低调整速度，当某些调整速度足够大时，具有周期性的稳定性损失。在这种情况下，下降的货币工资刚性会使整体动力有限，因此是可行的。因此，我们获得了具有凯恩斯反馈通道的基线D（is平衡）AS-AD模型，该通道具有一组丰富的稳定性/不稳定性特征作为业务周期的来源。该模型的结果与新凯恩斯主义替代方案的当前流行（密切相关）模型形成鲜明对比。

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