{"title":"超越自然利率:斯蒂芬-马格林论市场经济的不稳定性","authors":"Michael Woodford","doi":"10.1257/jel.20221712","DOIUrl":null,"url":null,"abstract":"In Raising Keynes: A Twenty-First Century General Theory, Stephen A. Marglin offers a provocative reformulation of Keynes’ theoretical framework, stressing the importance of modeling the dynamics of wage and price adjustment. This review explains and assesses Marglin’s argument for the possibility of a persistent equilibrium in which goods and/or labor markets continue not to clear in the absence of active stabilization policy. It also compares Marglin’s analysis with that of New Keynesian models, and shows that the two approaches are more similar than might be immediately evident. (JEL E12, E23, E24, E32, E41, E52)","PeriodicalId":509385,"journal":{"name":"Journal of Economic Literature","volume":"215 3","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Beyond the Natural Rate: Stephen Marglin on the Instability of Market Economies\",\"authors\":\"Michael Woodford\",\"doi\":\"10.1257/jel.20221712\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In Raising Keynes: A Twenty-First Century General Theory, Stephen A. Marglin offers a provocative reformulation of Keynes’ theoretical framework, stressing the importance of modeling the dynamics of wage and price adjustment. This review explains and assesses Marglin’s argument for the possibility of a persistent equilibrium in which goods and/or labor markets continue not to clear in the absence of active stabilization policy. It also compares Marglin’s analysis with that of New Keynesian models, and shows that the two approaches are more similar than might be immediately evident. (JEL E12, E23, E24, E32, E41, E52)\",\"PeriodicalId\":509385,\"journal\":{\"name\":\"Journal of Economic Literature\",\"volume\":\"215 3\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Economic Literature\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1257/jel.20221712\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic Literature","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1257/jel.20221712","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
在《提升凯恩斯:21 世纪通论》一书中,斯蒂芬-A-马格林(Stephen A. Marglin)对凯恩斯的理论框架进行了挑衅性的重新阐述,强调了建立工资和价格调整动态模型的重要性。这篇评论解释并评估了马格林的论点,即在没有积极稳定政策的情况下,商品和/或劳动力市场可能会出现持续的均衡。它还将马格林的分析与新凯恩斯主义模型的分析进行了比较,并表明这两种方法的相似性比一眼就能看出的要高。(JEL E12, E23, E24, E32, E41, E52)
Beyond the Natural Rate: Stephen Marglin on the Instability of Market Economies
In Raising Keynes: A Twenty-First Century General Theory, Stephen A. Marglin offers a provocative reformulation of Keynes’ theoretical framework, stressing the importance of modeling the dynamics of wage and price adjustment. This review explains and assesses Marglin’s argument for the possibility of a persistent equilibrium in which goods and/or labor markets continue not to clear in the absence of active stabilization policy. It also compares Marglin’s analysis with that of New Keynesian models, and shows that the two approaches are more similar than might be immediately evident. (JEL E12, E23, E24, E32, E41, E52)