Aggregate Output Stability: Divergent Perspectives

The main objective of this article was to describe two asymmetric perspectives of the aggregate imbalance approach. Starting from the contrast of the Rational Expectations and Keynesian approaches, we analyze the characterization that the general reserve makes of the causes of inflation and the implications that it has on economic policy decisions. From the rational expectations approach, companies and workers form a kind of coherent group that jointly experiences fluctuations in the prices of their products and faces in unison the problem of signal extraction. On the other hand, the Keynesian approach to effective demand explains price fluctuations in principle as an expression of insufficient demand that generates involuntary unemployment. It was identified that the increase in margins during 2021 sought to pass on to consumers and end users of the goods and services of oligopolistic structures the increase in marginal costs induced by the fall in effective demand; resulting in an effect of price increases on the supply side or cost inflation.