| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29776 |
| 来源ID | Working Paper 29776 |
| Dampening General Equilibrium: Incomplete Information and Bounded Rationality | |
| George-Marios Angeletos; Chen Lian | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | 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 variant thereof. Two other approaches, heterogeneous priors and cognitive discounting, capture the same essence while offering a gain in tractability. Relative to the full-information rational-expectation (FIRE) benchmark, all these modifications amount to attenuation of GE effects, especially in the short run. This in turn translates to either under- or over-reaction in aggregate outcomes, depending on whether GE feedbacks are positive or negative in the first place. We review a few applications, with emphasis on monetary and fiscal policy. We finally discuss how the available evidence on expectations, along with other considerations, can help guide the choice among the various alternatives, as well as between them and FIRE. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Macroeconomic Models ; Business Cycles |
| URL | https://www.nber.org/papers/w29776 |
| 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/587450 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Chen Lian. Dampening General Equilibrium: Incomplete Information and Bounded Rationality. 2022. |
| 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 | ||
| w29776.pdf（312KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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