| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17060 |
| 来源ID | Working Paper 17060 |
| Decentralization, Communication, and the Origins of Fluctuations | |
| George-Marios Angeletos; Jennifer La'; O | |
| 发表日期 | 2011-05-20 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We consider a class of convex, competitive, neoclassical economies in which agents are rational; the equilibrium is unique; there is no room for randomization devices; and there are no shocks to preferences, technologies, endowments, or other fundamentals. In short, we rule out every known source of macroeconomic volatility. And yet, we show that these economies can be ridden with large and persistent fluctuations in equilibrium allocations and prices. These fluctuations emerge because decentralized trading impedes communication and, in so doing, opens the door to self-fulfilling beliefs despite the uniqueness of the equilibrium. In line with Keynesian thinking, these fluctuations may be attributed to "coordination failures" and "animal spirits". They may also take the form of "fads", or waves of optimism and pessimism that spread in the population like contagious diseases. Yet, these ostensibly pathological phenomena emerge at the heart of the neoclassical paradigm and require neither a deviation from rationality, nor multiple equilibria, nor even a divergence between private and social motives. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w17060 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574735 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Jennifer La',O. Decentralization, Communication, and the Origins of Fluctuations. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17060.pdf（551KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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