NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Output Fluctuations and Gradual Price Adjustment

Robert J. Gordon

NBER Working Paper No. 621 (Also Reprint No. r0190)
Issued in 1981
NBER Program(s):   EFG

This paper reviews the leading ideas that have emerged within two paradigms of price adjustment. Neither, it appears, provides a satisfactory theoretical scheme when taken in isolation. This paper concludes that an attempt to merge the more convincing elements of each is needed, and some suggestions for such a merger are put forward.

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Document Object Identifier (DOI): 10.3386/w0621

Published: Gordon, Robert J. "Output Fluctuations and Gradual Price Adjustment." Journal of Economic Literature, Vol. XIX, No. 2, (June 1981), pp. 493-530.

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