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Price stabilizing, Pareto improving policies
Economic Theory, 2010The paper studies a simple three period overlapping generations (OLG) model with incomplete markets and shows that stabilisation may be welfare improving. Volatility of endogenous variables is created by volatility in demand and supply. Thus, curbing price volatility must be done by limiting, directly or indirectly, the actions of agents.
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Price flexibility and output stability
1994In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Time was when I resisted labels and schools, naively hoping that our fledgling science was outgrowing them. I had, to be sure, been drawn into economics when The General Theory was an exciting revelation for students hungry for explanation and remedy of the ...
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Journal of the American Statistical Association, 1929
R. G. Hawtrey, Joseph Stagg Lawrence
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R. G. Hawtrey, Joseph Stagg Lawrence
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