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The Coordination Problem and Equilibrium Theories of Recessions

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  • Larry E. Jones
  • R. E. Manuelli

Abstract

In this paper, the authors build on the recent literature on coordination problems to construct a model in which there is potential for low-output equilibrium. The authors show that the conditions that guarantee interior Walrasian equilibria, in conjunction with a continuity restriction on strategies, rule out equilibria with extremely low levels of activity (zero activity), which is a distinguishing feature of many existing models. They study the case of separability and show that there is no rationing and, hence, no equilibrium unemployment. In addition, in a numerical example, the authors find that there is a unique symmetric equilibrium. Copyright 1992 by American Economic Association.

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Bibliographic Info

Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 753.

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Date of creation: Dec 1987
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Handle: RePEc:nwu:cmsems:753

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Cited by:
  1. Dan Levin & James Peck, 2005. "Investment Dynamics with Common and Private Values," Levine's Bibliography 666156000000000607, UCLA Department of Economics.
  2. L Kaas & P Madden, 2002. "Equilibrium Involuntary Unemployment Under Oligempory," Centre for Growth and Business Cycle Research Discussion Paper Series 21, Economics, The Univeristy of Manchester.
  3. Huck, Steffen, 1996. "Rationing and rationality," European Journal of Political Economy, Elsevier, vol. 12(4), pages 641-669, December.
  4. Fagnart, Jean-Francois & Pierrard, O. & Sneessens, Henri R., 2007. "Microeconomic uncertainty and macroeconomic indeterminacy," European Economic Review, Elsevier, vol. 51(6), pages 1564-1588, August.
  5. Chari, V V & Jones, Larry E & Manuelli, Rodolfo E, 1989. "Labor Contracts in a Model of Imperfect Competition," American Economic Review, American Economic Association, vol. 79(2), pages 358-63, May.
  6. Herings, P.J.J. & Dreze, J., 1998. "Continua of Underemployment Equilibria," Discussion Paper 1998-05, Tilburg University, Center for Economic Research.
  7. repec:ebl:ecbull:v:4:y:2008:i:29:p:1-8 is not listed on IDEAS
  8. Olivier SCAILLET, 2001. "Density Estimation Using Inverse and Reciprocal Inverse Guassian Kernels," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  9. Andrew John & Russell Cooper, 2000. "Imperfect competition and macroeconomics : Theory and quantitative implications," Cahiers d'Économie Politique, Programme National Persée, vol. 37(1), pages 289-328.

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