Talman, Dolf; Herings, P.J.J.; van der Laan, G.; … - Tilburg University, Center for Economic Research - 1994
We consider an exchange economy in which price rigidities are present. In the short run the non-numeraire commodities have a exible price level with respect to the numeraire commodity but their relative prices are mutually fixed. In the long run prices are assumed to be completely exible. For a...