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Planning and Economic Stability
1968The causes of the growing faith throughout the world in the benefits of a centrally directed economic system are numerous and complex, but one is undoubtedly the belief that only through detailed central planning can stability and security be provided.
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Economic Fluctuation and Stabilization
2018This chapter introduces the equilibrium and dynamics of six sticky-price models. Section 7.1 features a model with an IS curve, a Phillips curve, a Taylor monetary policy rule, and inflation rate inertia. Section 7.2 presents a model that has the same equations as Section 7.1, but no inflation rate inertia in the Phillips curve.
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Stability of economic equilibrium
2006We consider a standard Walrasian pure exchange economy. From an economic point of view, equilibrium in such a model only makes sense if none of the participants can benefit from throwing out some of the commodities. Equilibria with this property are called stable.
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