00000caa a22000003i 4500 UP-1685594773862388541 Buklod 20210318141533.0 m | | ta 210318s1998 xx r |||| u|eng d (iLib)UPBAG-00039513732 BAG rda eng ARTICLE-2729 Encarnacion, Jose, Jr. author. A reformulation of the Keynesian model (full employment or not) Jose Encarnacion, Jr. 1998. pages [123]-140 illustration 25 cm text rdacontent unmediated rdamedia volume rdacarrier Includes bibliographical references (page 139). This paper reformulates the Keynesian model so that the sometimes observed procyclical real wage can be explained. The paper defines an aggregate demand function based on portfolio balance with three assets (money, bond and equities) and an aggregate supply function derived from the supply behavior of a representative price-setting firm. The money wage is endogenous but the usual result is a short-period unemployment equilibrium. However, the case of full employment is also covered. The model also provides explanations of Phillips curve and stagflation phenomena. Equilibrium (Economics) Mathematical models. Employment (Economic theory). Keynesian economics. The Philippine Review of Business and Economics Vol. XXXV, No. 2 (December 1998), p. [123]-140. (viewed 18 March 2021) FI UPBAG UPBAG-MAIN ARTICLE-2729 Analytics