A Working Model of Slump and Recovery from Disturbances to Capital-Goods Demand in an Open Nonmonetary Economy
构建一个非货币理论模型，解释市场经济中资本品需求扰动导致的长期经济波动，对理解1980年代全球性衰退有参考价值。
This paper is one in a series directed toward the construction, with certain modern building blocks, of a non-monetary theory of employment fluctuation in market economies. The closed-economy model here parallels the open-economy model in Phelps (1988). The objective is a plausible theory that helps to account for some or all of the long swings in economic activity over recent decades. In fact, this non-monetary theory has grown out of one of the models used by Fitoussi and Phelps (1988) to account for the 1980s depression over much of the world, a slump that demand-driven models are hard-pressed to explain.