By Stephen C. R. Munday (auth.)
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Thus just a very brief outline of some of the suggestions is given here. One possible reason why wages do not vary (or are 'sticky') is that workers may enter into long-term wage contracts with employers which ensure a stable wage over a certain period of time. This may be desired by risk-averse workers who do not wish to suffer from the possibility that their wage could fluctuate. Employers could be willing to enter into such an agreement if they believe that the stable wage paid would be lower than the average of a fluctuating wage.
However, after this point price and not output will respond. 2 Output The aggregate supply schedule suggested by the 45-degree diagram Microeconomics and Macroeconomics 37 It is perhaps important to note here that many economists who would describe themselves as in some way 'Keynesian' are most unhappy to see the 45-degree model described above as a proper representation of Keynes's theory. Keynes never dismissed the supply side in the way suggested in the model (see Chapter 10 on macroeconomic models).
The classical view of the above analysis was that as soon as there was any imbalance between the level of savings and investment, the rate of interest would adjust to correct this. However, Keynes suggested that the interest rate was determined not in the market for goods and services, as implied by classical theory, but rather in the money market. It could not fall far enough due to the liquidity trap which implied that there would always be a positive rate of interest, and also because the interest rate was not a sufficiently powerful tool to offset pessimistic business expectations once these had set in.