This book addresses one of the major theoretical issues that
underlies, implicitly or explicitly, some recurrent controversies
in macroeconomics - namely, whether a competitive monetary economy
has built-in mechanisms that are strong enough to remove excess
demands and supplies on all markets, through an automatic
adjustment of the price system. Jean-Michel Grandmont sheds light
on this complex subject by using the analytical techniques of
general equilibrium theory alongside the methods of monetary
analysis. The book warns against the indiscriminate use of the
rational expectations hypothesis when approaching this topic, and
conversely stresses the common-sense observation that short-run
learning processes are among the most important characteristics of
economic agents. Grandmont argues that such processes are deserving
of careful theoretical study, and the result is a clear and
rigorous analysis of all the issues involved.
General
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