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Coordinating Coordination Failures in Keynesian Models

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Author Info
Russell Cooper
John Andrew
Abstract

This paper focuses on the importance of strategic complementarity in agents' payoff functions as a basis for macroeconomic coordination failures. We first analyze an abstract game and find that inefficient equilibria and a multiplier process may arise in the presence of strategic complementarities (essentially positively sloped reaction curves). We then place additional economic content on complementarities arising from production functions, matching technologies and commodity demand functions in a multi-sector economy.

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File URL: http://cowles.econ.yale.edu/P/cd/d07a/d0745-r.pdf
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Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 745R.

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Length: 37 pages
Date of creation: Apr 1985
Date of revision: Jul 1985
Handle: RePEc:cwl:cwldpp:745r

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Coordination; multipliers; strategic complementarity; Keynesian;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Blackwell Publishing, vol. 42(4), pages 503-23, October. [Downloadable!] (restricted)
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  2. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October. [Downloadable!] (restricted)
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  3. Weitzman, Martin L, 1982. "Increasing Returns and the Foundations of Unemployment Theory," Economic Journal, Royal Economic Society, vol. 92(368), pages 787-804, December. [Downloadable!] (restricted)
  4. Bryant, John, 1983. "A Simple Rational Expectations Keynes-Type Model," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 525-28, August. [Downloadable!] (restricted)
  5. Jeremy I. Bulow & John Geanakoplos & Paul D. Klemperer, 1983. "Multimarket Oligopoly," Cowles Foundation Discussion Papers 674, Cowles Foundation, Yale University. [Downloadable!]
  6. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 109-38, February. [Downloadable!] (restricted)
  7. Bengt Holmstrom, 1982. "Moral Hazard in Teams," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 324-340, Autumn. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Russell Cooper, 1989. "Sharing Some Thoughts on Weitzman's The Share Economy," NBER Working Papers 1734, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Kevin M. Murphy & Andrei Shleifer & Robert Vishny, 1988. "Income Distribution, Market Size, and Industrialization," NBER Working Papers 2709, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. John Haltiwanger, 1987. "Responders Versus Nonresponders: A New Perspective on Heterogeneity," UCLA Economics Working Papers 436, UCLA Department of Economics. [Downloadable!]
    Other versions:
  4. John Andrew & William D. Nordhaus, 1986. "The Share Economy: A Symposium," Cowles Foundation Discussion Papers 783, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
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