| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23379 |
| 来源ID | Working Paper 23379 |
| Dampening General Equilibrium: From Micro to Macro | |
| George-Marios Angeletos; Chen Lian | |
| 发表日期 | 2017-05-08 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | 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 Equilibrium with solution concepts that mimic Tâtonnement or Cobweb dynamics, Level-k Thinking, Reflective Equilibrium, and certain kinds of cognitive discounting. In the other, we maintain rational expectations but remove common knowledge of aggregate shocks and accommodate higher-order uncertainty. This permits us, not only to illustrate the broader plausibility of the notion that the GE adjustment may be weak or slow, but also to illustrate the sense in which our preferred approach—the one based on lack of common knowledge—can be seen as a disciplined substitute to certain kinds of bounded rationality. We finally discuss possible applications, including how our results may help reduce the gap between the macroeconomic effects of interest and the micro or local effects estimated in a growing empirical literature. |
| 主题 | Other ; History of Economic Thought ; Microeconomics ; General Equilibrium ; Economics of Information ; Macroeconomics ; Macroeconomic Models ; Fiscal Policy |
| URL | https://www.nber.org/papers/w23379 |
| 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/581053 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Chen Lian. Dampening General Equilibrium: From Micro to Macro. 2017. |
| 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 | ||
| w23379.pdf（631KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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