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Output Fluctuations and Gradual Price Adjustment

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  • Gordon, Robert J

Abstract

This paper reviews the leading ideas that have emerged within two paradigms of price adjustment. Neither, it appears, provides a satisfactory theoretical scheme when taken in isolation. This paper concludes that an attempt to merge the more convincing elements of each is needed, and some suggestions for such a merger are put forward.
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  • Gordon, Robert J, 1981. "Output Fluctuations and Gradual Price Adjustment," Journal of Economic Literature, American Economic Association, vol. 19(2), pages 493-530, June.
    • Handle: RePEc:aea:jeclit:v:19:y:1981:i:2:p:493-530
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