Keynesian Theory and AS/AD Analysis
AbstractThis paper uses the AS/AD framework to illustrate competing approaches to (i) the dynamics of short run price-output adjustment, and (ii) the employment effects of nominal wage reductions. Nominal wages affect equilibrium outcomes if AD is subject to Pigou or Fisher debt effects. The Kaleckian model represents a variation on the neo-Keynesian model. Its principal contribution concerns the AD effects of the functional distribution of income, which introduces the mark-up as an important independent variable and focuses attention on capital-labor conflict.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 23 (1997)
Issue (Month): 4 (Fall)
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AS AD; Neo Keynesian;
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- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
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