This paper develops the Keynesian theory of aggregate demand in the long-run in which persistently low levels of aggregate demand can generate persistently low levels of activity with the associated persistently high rates of unemployment. Wages are determined by firm-worker bargaining/sharing. Investment is influenced by monopoly power, aggregate demand and the interest rate. Decreasing rates of deflation of money wages and prices even at high rates of unemployment are prevented by workers being assumed to be loss averse with respect to reductions in their wages below a reference real wage.

中文翻译：

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长期总需求的凯恩斯主义模型

本文发展了凯恩斯的长期总需求理论，在该理论中，持续低水平的总需求会产生持续低水平的活动，并伴随着持续的高失业率。工资由公司与员工讨价还价/分享决定。投资受垄断力量、总需求和利率的影响。即使在失业率很高的情况下，货币工资和价格的通货紧缩率也不会下降，因为工人被假定为厌恶损失，因为他们的工资低于参考实际工资。