Competição perfeita e preços flexíveis em Keynes

Authors: Charles B. Garrison

Vernon E. Roddy
Keywords:: Keynes, John Maynard 1883-1946, Preços, Economia Keynesiana
Abstract: This paper addresses the issue of whether the "new Keynesian" idea that imperfect competition in goods markets is indispensable in explaining nominal rigidities (inflexible prices) is actually compatible with Keynes' fundamental ideas. In order to solve the question we propose two clear-cut criteria for the use of the term "flexible price": prices must respond immediately to a shift in demand, and output must respond only to a price signal. By these criteria, the new Keynesian model may be classified as "inflexible-price", whereas the new classical model as "flexible-price". This paper argues that the work of Keynes is not compatible with a flexible-price model when nominal flexibility is defined as above.
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Errata (Portuguese)
Issue: Vol. 17 (1996)
Section: Artigos
License: A remessa dos artigos à revista implica a cessão dos direitos autorais à FEE.