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The Coordination Problem and Equilibrium Theories of Recessions

  • Larry E. Jones
  • R. E. Manuelli

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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File URL: http://www.kellogg.northwestern.edu/research/math/papers/753.pdf
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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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