By Frederick van Der Ploeg
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Additional info for Advanced Lectures in Quantitative Economics
27 Note that μη, which equals qcnh is the marginal propensity to consume out of total income, and not out of expenditure. 28 The assumption that labour is allocated efficiently between firms in situations of excess labour demand is made by Malinvaud (1977, p. 50). However, Moene (1987) has shown that the model's predictions are sensitive to this assumption. Neary (1980) explores the consequences of assuming instead that one or other of the two sectors is given priority in the allocation of the labour force.
As far as the effects of changes in w and p are concerned, these correspond to movements of the equilibrium point around the diagram without any shift in the tripod itself. Moreover, for movements within the C and K regions we can apply what we learnt from Figure 10. For example, unemployment is cost-determined in the C region, so iso-employment loci are rays from the origin there, the level of unemployment being higher the higher is the real wage. As for region K, unemployment here depends on Neo-Keynesian Macroeconomics in an Open Economy 41 demand and so is negatively related to p, but it is independent of w.
9), (provided the marginal propensities to consume current and future output, μχ and μ2, are both positive and less than unity). The reason is simply that rational agents who have full information concerning the working of the economy anticipate the effect of a relaxation of the current output constraint in raising lifetime income and so relaxing the future output constraint. Hence rational expectations of future constraints raise the Keynesian multiplier. This result is illustrated in Figure 16, where the axes are the current and future levels of output.
Advanced Lectures in Quantitative Economics by Frederick van Der Ploeg