Replication data and code: The Price Mechanism on Trial

This deposit contains the complete replication package for the paper "The Price Mechanism on Trial: Global Instability Without Effective Demand", submitted to the Journal of Economic Dynamics and Control. The paper applies Olech's (1963) global stability criterion to the five price-adjustment specifications of Marglin (2021). The central result is that the investment-saving feedback condition ∂[I(ρ) − sY]/∂Y < 0 is necessary and sufficient for global asymptotic stability (GAS) in this class of two-dimensional macroeconomic systems. All parameters are estimated from publicly available FRED quarterly data (1960–2024).