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Coordinating Thoughts on Coordination Failures

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  • Herings,P. Jean-Jacques

    (METEOR)

Abstract

Coordination failures constitute an alternative explanation for underemployment that complements the Keynesian and neo-classical views. The paper proposes to distinguish three classes of models with coordination failures. The classes are formed by strategic models with or without a coordinating role for prices, and general equilibrium models. The main insights resulting for each class of models are exhibited. It is argued that coordination failures are likely to arise in a decentralized economy, even under conditions where perfect competition could prevail. The paper concludes by pointing out several promising directions for future research.

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Bibliographic Info

Paper provided by Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR) in its series Research Memorandum with number 018.

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Date of creation: 2001
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Handle: RePEc:unm:umamet:2001018

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Keywords: microeconomics ;

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