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Titlebook: Causes of Contemporary Stagnation; Proceedings of an In Helmut Frisch,Bernhard Gahlen Conference proceedings 1986 Springer-Verlag Berlin He

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Heinz R. Schönbauer,Erwin Polt,Franz Grillariety. The latter is due to an excessively high real wage rate and the former is caused by a deficiency in aggregate demand. Basically, however, the reason for unemployment is in both cases at least one “wrong” price, i.e. at least on price is not at its Walrasian equilibrium value. Therefore, the
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https://doi.org/10.1007/978-3-7091-8069-3This paper deals with the problem how to explain the empirically observed stickiness of prices in the case of demand shocks and at the same time also observable price flexibility in the case of supply (input cost) shocks.
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