One of the earliest models I looked at with the information equilibrium (IE) framework was the relationship $P : N \rightleftarrows L$ where $P$ is the price level, $N$ is nominal output, and $L$ is the level of employment.
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The "quantity theory of labor" and dynamic…
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One of the earliest models I looked at with the information equilibrium (IE) framework was the relationship $P : N \rightleftarrows L$ where $P$ is the price level, $N$ is nominal output, and $L$ is the level of employment.