Mais importante artigo keynesiano desde o IS-LM de Hicks

Qualquer economista ‘keynesiano” que não conhece este artigo de cima para baixo só conhece o keynesianismo de curso de graduação.

Aggregate Demand Management in Search Equilibrium

http://www.jstor.org/pss/1837124

Abstract
Equilibrium is analyzed for a simple barter model with identical risk-neutral agents where trade is coordinated by a stochastic matching process. It is shown that there are multiple steady-state rational expectations equilibria, with all non-corner solution equilibria inefficient. This implies that an economy with this type of trade friction does not have a unique natural rate of unemployment.

Posted in: Peter Diamond