A Disequilibrium-Equilibrium Model with Money and Bonds
Haga, H.
1 In an artic1e in the Review of Economic Studies, G1ustoff attempts to prove the existence of a Keynesian "equilibrium". The significance of his article tran scends its explicit purpose of proving existence, since it deals with the more fun damental question of what is the nature of a Keynesian equilibrium with involuntary unemp1pymant: Moreover, it approaches the problem frPlIl an unorthodox point of view. 4 G1ustoff follows the direction ...