Dampening General Equilibrium: From Micro to Macro
收藏NBER2017-05-01 更新2025-01-04 收录
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https://www.nber.org/papers/w23379
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We argue that standard modeling practices often overstate the potency of general-equilibrium (GE) mechanisms. We formalize the notion that GE adjustment is weak, or that it takes time, by modifying an elementary Walrasian economy in two alternative manners. In one, we replace Rational Expectations
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美国国家经济研究局创建时间：
2017-05-01
