A simple macroeconomic model is used to show that the market failure to maintain macroeconomic stability can be due to (a) price rigidity or (b) price flexibility that allows false and abnormal prices to prevail. The macroeconomic literature typically considers the first case only; this article focuses on the second case. Besides the Keynesian fiscal policy, this article considers a Pigouvian tax–subsidy scheme; the latter can be used to correct each false price individually (this use in macroeconomics resembles the more familiar use in public economics). This helps alleviate the scarcity of instruments with policymakers. As in the writings of Keynes, price stability (or rigidity) here is a policy target rather than an assumption in the model. There has been a general need to reconsider macroeconomic models since the Great Recession of 2008; this article contributes in this endeavour. JEL: E12, E62, H20

中文翻译：

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具有价格灵活性的宏观经济模型

一个简单的宏观经济模型用来表明市场无法维持宏观经济稳定可能是由于（a）价格刚性或（b）价格虚假导致价格波动。宏观经济学文献通常只考虑第一种情况。本文重点讨论第二种情况。除凯恩斯主义的财政政策外，本文还考虑了庇古的税收补贴计划。后者可用于单独纠正每个错误的价格（在宏观经济学中，这种用法类似于在公共经济学中更为熟悉的用法）。这有助于减轻政策制定者对工具的缺乏。正如凯恩斯的著作一样，这里的价格稳定性（或刚性）是政策目标，而不是模型中的假设。自2008年大萧条以来，人们普遍需要重新考虑宏观经济模型。本文为这一努力做出了贡献。JEL：E12，E62，H20