Keynesian Dynamics and the Wage-Price Spiral: A Baseline Disequilibrium Model
Keynesian Dynamics and the Wage-Price Spiral: A Baseline Disequilibrium Model
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DOI：
10.2139/ssrn.773864
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发表时间：
2004-12
期刊：
影响因子：
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通讯作者：
Toichiro Asada;Pu Chen;C. Chiarella;P. Flaschel
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文献类型：
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作者：
Toichiro Asada;Pu Chen;C. Chiarella;P. Flaschel
我们重新制定和扩展的标准AS-AD增长模型的新古典综合（第一阶段）与传统的微观基础。该模型保留了LM曲线的泰勒利率规则的地方，表现出粘性工资以及粘性价格，短视的完美预见目前的通货膨胀率和自适应形成的中期预期的投资和通货膨胀的气候，经济运行。由此产生的劳动力和商品市场非均衡动态的非线性5D模型避免了新古典综合（第一阶段）的标准AS-AD模型的惊人异常。相反，它表现出凯恩斯反馈动态适当的，特别是，其独特的内部稳定状态的低调整速度和周期性的稳定性损失的渐近稳定性？通过霍普夫分叉当某些调节速度足够大时，最终导致纯粹的爆炸性动力学。在这种情况下，向下的货币工资刚性使整体动态受到限制，从而可行。因此，我们获得并分析了一个基线D（不均衡）的AS-AD模型，其特征在于凯恩斯反馈渠道与一组丰富的稳定/不稳定的功能作为商业周期的来源。该模型的结果与当前流行的新凯恩斯主义替代方案（新古典主义综合，第二阶段）的基线模型形成鲜明对比，我们认为后者的范围更有限。
We reformulate and extend the standard AS-AD growth model of the Neoclassical Synthesis (stage I) with its traditional microfoundations. The model retains an LM curve in the place of a Taylor interest rate rule, exhibits sticky wages as well as sticky prices, myopic perfect foresight of current inflation rates and adaptively formed medium-run expectations concerning the investment and the inflation climate in which the economy is operating. The resulting nonlinear 5D model of labor and goods market disequilibrium dynamics avoids the striking anomalies of the standard AS-AD model of the Neoclassical synthesis (stage I). It exhibits instead Keynesian feedback dynamics proper with, in particular, asymptotic stability of its unique interior steady state for low adjustment speeds and with cyclical loss of stability ? by way of Hopf bifurcations ? when some adjustment speeds are made suciently large, eventually leading to purely explosive dynamics. In such cases, downward money wage rigidity serves to make the overall dynamics bounded and thus viable. We thus obtain and analyze a baseline D(isequilibrium)AS-AD model characterised by Keynesian feedback channels with a rich set of stability/instability features as the sources of the business cycle. The outcomes of the model stand in stark contrast to those of the currently fashionable baseline model of the New Keynesian alternative (the Neoclassical Synthesis, stage II) that we suggest is more limited in scope.