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By Douglas Fisher (auth.)

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Extra resources for Macroeconomic Theory: A Survey

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First of all, one must note that while price rigidities present a rationale for determining functions with quantity constraints included in them, another interpretation of disequilibrium is that actual adjustment is to purely "notional" (unconstrained) variables. The former, which is Barra-Grassman, relies on inaccurate expectations or information; see the discussion in Drazen (1980a), as well as that in Bowden (1978). Indeed, Bowden (p. 130) argues that there is no unique theoretical demand for money function and no unique path to equilibrium.

Patinkin (1965), in his restatement of the Hicks theorem, presents a useful discussion (but not a proof) of the theorem which helps to clarify what one must do to prove it. 63). 63) for any prices. 64). X P7q7 + P2q2 0 P7q7 0 + (1. e. for parallel shifts of the budget line between q7 and qz), Xthe composite commodity - and q3 have indifference curves between them of the usual sort (this is what Hicks's proof amounts to). 65). P1 X = p-Cl] X + Pz p-

1. 55) 26 MACROECONOMIC THEORY: A SURVEY (1. 56) Here Bz, for example, is the partial derivative of the net bond curve with respect to the second argument (7/~J. 57) ~oJ ( 1. P~ < 0, and d = F3M/P~ < 0 according to our a p~o~ restriction~ on the signs. 59), then, has roots -g ± (g 2 - 4hJ ~ and in spite of our a p~o~ restrictions on slopes and on the adjustment parameters (all individual markets were assumed to be stable), the possibility exists that the overall system is unstable. That is, the possibility exists that the roots will have non-negative real parts (note that we INTRODUCTION 27 obtain oscillation, as well, if -4h > g2), We may, then, consider several direct results in this framework.

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