Coordination Failure in Macroeconomics: An Overview
AbstractMacroeconomic models incorporating multiple equilibriums are gaining popularity and seem to have a strong intuitive appeal. This paper explains the notion of coordination failure in macroeconomics and introduces the papers in this conference volume. It also addresses sunspot equilibrium theory and well as policy implications. The papers in this symposium represent a class of macroeconomic models that take the idea of multiple equilibriums seriously and attempt to assess the empirical validity of these models.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 31 (2005)
Issue (Month): 1 (Winter)
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Equilibrium; Macroeconomic Model; Macroeconomics; Sunspot;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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