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Published in:
1992 | OriginalPaper | Chapter
Short-Run Equilibrium
Author : Professor Dr. Michael Carlberg
Published in: Monetary and Fiscal Dynamics
Publisher: Physica-Verlag HD
Included in: Professional Book Archive
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The process of adjustment can be viewed as a sequence of temporary equilibria which converge to a permanent equilibrium. In the current section, we shall inaugurate the temporary equilibrium, where money wages and the stock of capital are given exogenously. Later on, in section 4, the permanent equilibrium will be installed, where money wages and the stock of capital have adjusted completely.