Output Fluctuations and Gradual Price Adjustment

Robert J. Gordon

NBER Working Paper No. 621 (Also Reprint No. r0190)
Issued in August 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.

(2112 K)

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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