Effective Demand Failures Revisited
研究充分就业均衡的稳定性，发现一类经济体中唯一且全局稳定的充分就业均衡存在，偏离帕累托最优则出现分叉和复杂均衡结构。
In this paper, we investigate the stability of full-employment equilibria. This question is cast in a general equilibrium model where aggregate variables are present at the micro level. We establish the existence of a class of economies where there is only a single-full-employment -equilibrium. Furthermore, this unique equilibrium is globally stable. This set of economies contains the set of Pareto optima. By moving away from the Pareto optima, bifurcations emerge and complicate the structure of the set of equilibria and their stability properties. For example, the first bifurcation yields economies with at least one locally stable full-employment equilibrium. Further bifurcations lead to more complex, chaotic situations.