Meade's General Theory Model: Stability and the Role of Expectations
构建了詹姆斯·米德1937年凯恩斯体系的一个单部门版本，强调金融市场的资本估值和内生预期，并说明工资弹性在预期足够敏感时可能导致工资、价格和产出的螺旋下降。
This paper develops a one sector version of James Meade's Keynesian system (1937). In contrast to the traditional IS-LM model, expectations are endogenous and the valuation of capital by financial markets plays a central role in Meade's model. The model formalizes Keynes's views on the role of the stock market and the sensitivity of long-term expectations to current events. With sufficiently elastic expectations, wage flexibility causes a downward spiral of wages, prices, and output, an outcome James Tobin (1975) argued may represent Keynes's contribution better than an underemployment equilibrium sustained by rigid wages. Copyright 1992 by Ohio State University Press.