Aggregate Demand Management in Search Equilibrium
分析了一个简单的物物交换模型，其中交易通过随机匹配过程协调，发现存在多重稳态理性预期均衡，且所有非角点解均衡均无效率，意味着此类经济不存在唯一的自然失业率。
Equilibrium is analyzed for a simple barter model with identical risk-neutral agents where trade is coordinated by a stochastic matching process. It is shown that there are multiple steady-state rational expectations equilibria, with all non-corner solution equilibria inefficient. This implies that an economy with this type of trade friction does not have a unique natural rate of unemployment.