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Coordination Failure in Macroeconomics: An Overview

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  • John S. Irons

    (Center for American Progress)

Abstract

Macroeconomic 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.

Suggested Citation

  • John S. Irons, 2005. "Coordination Failure in Macroeconomics: An Overview," Eastern Economic Journal, Eastern Economic Association, vol. 31(1), pages 45-54, Winter.
  • Handle: RePEc:eej:eeconj:v:31:y:2005:i:1:p:45-54
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume31/V31N1P46_54.pdf
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    More about this item

    Keywords

    Equilibrium; Macroeconomic Model; Macroeconomics; Sunspot;

    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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