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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Paper provided by Queen's University, Department of Economics in its series Working Papers with number
568.