A Near-Rational Model of the Business Cycle, With Wage and Price Inertia
- 1 January 1985
- journal article
- Published by JSTOR in The Quarterly Journal of Economics
- Vol. 100, 823
- https://doi.org/10.2307/1882925
Abstract
This paper presents a model in which insignificantly suboptimal behavior causes aggregate demand shocks to have significant real effects. The individual loss to...Keywords
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