| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 884328 | Journal of Economic Behavior & Organization | 2009 | 16 Pages |
Abstract
A dynamic, out-of-equilibrium model of aggregate demand and supply is specified. The existence of, and convergence to, a macroeconomic equilibrium is derived, and the existence of a supporting revealed social utility function is established. Empirical estimates for three recent historical ‘eras’ suggest the model's explanatory power is impressive. Implications for possible policy repercussions include striking shifts in effect.
Keywords
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Richard H. Day, Chengyu Yang,