Dampening General Equilibrium: Incomplete Information and Bounded Rationality
收藏NBER2022-02-01 更新2025-01-04 收录
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https://www.nber.org/papers/w29776
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We review how realistic frictions in information and/or rationality arrest general equilibrium (GE) feedbacks. In one specification, we maintain rational expectations but remove common knowledge of aggregate shocks. In another, we replace rational expectations with Level-k Thinking or a smooth
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美国国家经济研究局创建时间：
2022-02-01
