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Strategic complementarities, coordination failures, and macroeconomic fluctuations: from multiplicity of equilibria to disequilibrium dynamics

Author

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  • Alain Raybaut

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

This paper retraces the main research avenues explored by some Keynesian macroeconomists from the mid-1980s to model aggregate fluctuations with strategic complementarities. Starting from the static coordination failure framework we identify the different devices implemented to deal with dynamics in deterministic or stochastic settings. The text examines how the analysis shifted from a multiplicity of equilibria to a multiplicity of steady states or equilibrium paths. From this standpoint, we confront the properties obtained under perfect foresight and alternative expectation formation schemes focussing on disequilibrium adjustments. The article also includes a tentative exploration of the reasons for the decline of this view. JEL Codes : B22 ; E12 ; E30 ; E32

Suggested Citation

  • Alain Raybaut, 2024. "Strategic complementarities, coordination failures, and macroeconomic fluctuations: from multiplicity of equilibria to disequilibrium dynamics," Post-Print hal-04785805, HAL.
    • Handle: RePEc:hal:journl:hal-04785805
    DOI: 10.1080/09672567.2024.2357554
    as

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    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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