| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18878 |
| 来源ID | Working Paper 18878 |
| Uncertainty and Sentiment-Driven Equilibria | |
| Jess Benhabib; Pengfei Wang; Yi Wen | |
| 发表日期 | 2013-03-08 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations of aggregate demand driven by sentiments, and that realized demand follows from the production and employment decisions of firms. We cast the Keynesian idea into a simple model with imperfect information about aggregate demand and we characterize the rational expectations equilibria of this model. We find that the equilibrium is not unique despite the absence of any non-convexities or strategic complementarity in the model. In addition to multiple fundamental equilibria, there can be serially correlated stochastic equilibria driven by self-fulfilling consumer sentiments. Furthermore, these sentiment-driven equilibria are not based on randomizations of the fundamental equilibria |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w18878 |
| 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/576553 |
| 推荐引用方式 GB/T 7714 | Jess Benhabib,Pengfei Wang,Yi Wen. Uncertainty and Sentiment-Driven Equilibria. 2013. |
| 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 | ||
| w18878.pdf（267KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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