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Capital accumulation, technical progress and wage flexibility: Keynes´approach to aggregate supply and demand analysis revisited

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Author Info
Alfonso Palacio Vera () (Universidad Complutense de Madrid, Departamento de Economía Aplicada III, Facultad de Ciencias Económicas y Empresariales)
Abstract

The aggregate supply and demand model (AS-AD) posited by Keynes in the General Theory and elaborated by Weintraub and Davidson is analysed by inserting a CES production function. We perform a comparative statics analysis where the effects on the equilibrium level of employment and the price level of changes in a wide range of variables and parameters are worked out. The effect of changes in the money wage rate on the level of employment and the price level are found to be ambiguous. Finally, we argue that this approach provides a more consistent approach than conventional AS-AD analysis does.

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Paper provided by Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales in its series Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales with number 03-12.

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Date of creation: 2003
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Handle: RePEc:ucm:doctra:03-12

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  1. James Tobin, 1975. "Keynesian Models of Recession and Depression," Cowles Foundation Discussion Papers 387, Cowles Foundation, Yale University. [Downloadable!]
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  2. Robert J. Barro, 1994. "The Aggregate-Supply/Aggregate-Demand Model," Eastern Economic Journal, Eastern Economic Association, vol. 20(1), pages 1-6, Winter. [Downloadable!]
  3. Julio Lopez, Tracy Mott, 1999. "Kalecki Versus Keynes on the Determinants of Investment," Review of Political Economy, Taylor and Francis Journals, vol. 11(3), pages 291-301, July. [Downloadable!] (restricted)
  4. Driskill, Robert A & Sheffrin, Steven M, 1986. "Is Price Flexibility Destabilizing?," American Economic Review, American Economic Association, vol. 76(4), pages 802-07, September. [Downloadable!] (restricted)
  5. De Long, James Bradford & Summers, Lawrence H, 1986. "Is Increased Price Flexibility Stabilizing?," American Economic Review, American Economic Association, vol. 76(5), pages 1031-44, December. [Downloadable!] (restricted)
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  6. Bernanke, Ben S, 1981. "Bankruptcy, Liquidity, and Recession," American Economic Review, American Economic Association, vol. 71(2), pages 155-59, May.
  7. Colander, David, 1995. "The Stories We Tell: A Reconsideration of AS/AD Analysis," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 169-88, Summer. [Downloadable!] (restricted)
  8. Peter Flaschel, Reiner Franke, 2000. "An Old-Keynesian Note on Destabilizing Price Flexibility," Review of Political Economy, Taylor and Francis Journals, vol. 12(3), pages 273-283, July. [Downloadable!] (restricted)
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