Confidence, Crashes and Animal Spirits
Confidence, Crashes and Animal Spirits
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DOI：
10.1111/j.1468-0297.2011.02474.x
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发表时间：
2009-04
期刊：
影响因子：
--
通讯作者：
R. Farmer
中科院分区：
文献类型：
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作者：
R. Farmer
本文提出了一个宏观经济模型，它重新表述了我所认为的凯恩斯通论中的两个重要思想。首先，失业率可能会持续处于稳定状态。第二个是信念选择了一个均衡。我认为劳动力市场的搜索和匹配成本导致了均衡连续体的存在，我通过假设股票市场参与者的信念是自我实现的来解决由此产生的不确定性。这篇论文将凯恩斯主义经济学与一般均衡理论相调和，但没有援引阻碍工资和价格达到均衡水平的摩擦假设。
This paper presents a model of the macroeconomy that reformulates what I take to be two important ideas from Keynes General Theory. The first is that there may be a continuum of steady state unemployment rates. The second is that beliefs select an equilibrium. I argue that search and matching costs in the labor market lead to the existence of a continuum of equilibria and I resolve the resulting indeterminacy by assuming that the beliefs of stock market participants are self-fulfilling. The paper reconciles Keynesian economics with general equilibrium theory without invoking the assumption of frictions that prevent wages and prices from reaching their equilibrium levels.