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The Ad-As Model and its Solutions: Some New Results in A Disequilibrium Perspective

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  • A. Chirco
  • C. Colombo

Abstract

This paper extends the disequilibrium approach to aggregate demand and aggregate supply to situation in which the level of the fixed nominal wage is compatible with shortage of labour. We show that discontinuities arise in the AD-AS curves and that only a 'one sided,, not bilaterally stable equilibrium exists, which corresponds to the underconsumption regime. In order to show peculiarities, this extends AD-AS framework is then applied to a standard policy problem.

Suggested Citation

  • A. Chirco & C. Colombo, 1996. "The Ad-As Model and its Solutions: Some New Results in A Disequilibrium Perspective," Working Papers 241, Dipartimento Scienze Economiche, Universita' di Bologna.
    • Handle: RePEc:bol:bodewp:241
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    Cited by:

    1. Kim, Minseong, 2022. "AS-AD model as a stock-flow consistent model," OSF Preprints ceb2z, Center for Open Science.

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