Short-Run Expectational Coordination: Fixed Versus Flexible Wages
用一个简单的三商品模型，考察固定工资和弹性工资对预期稳定性的影响，发现弹性工资更有利于预期协调。
This paper considers a simple "three-goods" model and focuses attention on the expectational stability of its equilibria. The setting allows us to describe stylized general equilibrium macro interactions: firms hire workers and then sell production to buyers whose purchasing power depends on the firms' previous decisions. We assess expectational stability from an "eductive" learning procedure that reflects basic rationality considerations. From our viewpoint on coordination, we compare the merits of fixed wages versus flexible wages. Although in both cases the same factors—supply and demand elasticities, marginal propensity to save—are effective, expectational coordination is often more successful with flexible wages.