论文信息 - The Corridor and Local Stability of the Effective Excess Demand Hypothesis: A Result

The Corridor and Local Stability of the Effective Excess Demand Hypothesis: A Result

This paper deals with the local stability of the effective excess demand hypothesis. It is shown that the seminal version of the Barro-Grossman model can be unstable under the effective excess demand hypothesis, even if the model is stable under the traditional excess demand hypothesis. The result is a partial refutation of a conjecture by Veendorp and it also sheds some light on an interchange between Leijonhufvud and Grossman on effective demand failures.

Karl-Gustaf Löfgren | K. Löfgren

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