Underemployment Equilibrium with Rational Expectations
利用不完全信息的微观经济学构建宏观模型，说明企业面临弯折需求曲线时存在多重均衡，且个体企业改变价格存在搭便车问题，而货币政策即使被完全预期也能有效。
In this paper I use some recent work in the microeconomics of imperfect information to construct a macro model. The microeconomic theory suggests that atomistically competitive firms face kinked demand curves. In this model there is a range of aggregate equilibria consistent with correct information. I then show that individual firms can face a free-rider problem in trying to move from one equilibrium to another by changing the price level. Monetary policy is not subject to this problem, even if the policy is fully anticipated.