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Gérard Duménil and Dominique Lévy

Chapter 6 analyzes the relationship between Keynesian and Classical perspectives, emphasizing the distinction between the two time frames, short term and long term. A model is presented in which the traverse to a long-term Classical equilibrium, with prices of production, is obtained as a sequence of short-term Keynesian equilibria (in which outputs are adjusted to demands). In the short term, prices and capital stocks are constant. Prices respond to disequilibria concerning capacity utilization rates. Investment is subject to a financing constraint, in which the provision of loans by the banking system is involved. The model can be considered as providing a bridge from the first part of the book to its now following second part.

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Gérard Duménil and Dominique Lévy

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Gérard Duménil and Dominique Lévy