A reformulation of the Keynesian model (full employment or not)
This paper reformulates the Keynesian model so that the sometimes observed procyclical real wage can be explained. The paper defines an aggregate demand function based on portfolio balance with three assets (money, bond and equities) and an aggregate supply function derived from the supply behavior o...
| Published in: | The Philippine Review of Business and Economics Vol. XXXV, No. 2 (December 1998), p. [123]-140. |
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| Main Author: | |
| Format: | Analytics |
| Language: | English |
| Published: |
1998.
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| Subjects: |