The Microfoundations of the Keynesian Multiplier Process
Tóm tắt
A theoretical foundation for the Keynesian multiplier process is derived from a simple model in which economic interactions are coordinated by a decentralized and self-organizing network of adaptive business enterprises. Deviation amplification arises from business failures that interrupt the flow of trading, and does not depend directly on lack of price-flexibility. Numerically the model produces almost the same hump-shaped impulse-response pattern as exhibited by GDP data in the United States.
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