Information Failures and Wandering Systems in Keynesian economics - Clower- Leijonhufvud Revisited
(1990) 34 pages
Files
No attached file found for this publication.
Details
- Authors
- Abstract
- Abstract: A reexamination of the Clower-Leijonhufvud approach to Keynesian theory is presented. Central elements are the lack of information available to atomistic economic agents in a decentralized environment, and the insistence on multi-period analysis. Such a reexamination is necessary to avoid the currently widespread identification of Keynesian macroeconomics with models of exogenous prices or of non-atomistic agents. The analysis denies the frequent association between Clower and Leijonhufvud and the fix-price method. It also makes a contribution to the debate between "atomistic" and "nonatomistic" approaches to Keynesian issues.
- Affiliations
Citations
Arnsperger, C. (1990). Information Failures and Wandering Systems in Keynesian economics - Clower- Leijonhufvud Revisited. Institut de Recherches Economiques et Sociales, Université Catholique de Louvain. https://hdl.handle.net/2078.5/85168