Day, Richard H.; Yang, Chengyu - In: Journal of Economic Behavior & Organization 72 (2009) 2, pp. 780-795
A dynamic, out-of-equilibrium model of aggregate demand and supply is specified. The existence of, and convergence to, a macroeconomic equilibrium is derived, and the existence of a supporting revealed social utility function is established. Empirical estimates for three recent historical 'eras'...