Template-type: ReDif-Paper 1.0
Author-Name: Herings P. Jean-Jacques
Author-workplace-name: METEOR
Title: Coordinating Thoughts on Coordination Failures
Abstract: Coordination failures constitute an alternative explanation for underemployment that complements the Keynesian and neo-classical views. The paper proposes to distinguish three classes of models with coordination failures. The classes are formed by strategic models with or without a coordinating role for prices, and general equilibrium models. The main insights resulting for each class of models are exhibited. It is argued that coordination failures are likely to arise in a decentralized economy, even under conditions where perfect competition could prevail. The paper concludes by pointing out several promising directions for future research.
Keywords: microeconomics ; 
Series: Research Memoranda
Creation-Date: 2001
Number: 018
File-URL: http://digitalarchive.maastrichtuniversity.nl/fedora/objects/guid:927ac439-a4c6-418e-b544-aafc5d93c5e9/datastreams/ASSET1/content
File-Format: application/pdf
File-Size: 188722
Handle: RePEc:unm:umamet:2001018