DISEQUILIBRIUM THEORIES AND THEIR POLICY IMPLICATIONS: TOWARDS A SYNTHETIC DISEQUILIBRIUM APPROACH
考察了弗里德曼-费尔普斯的预期非均衡和克洛尔-莱荣霍夫德的市场非出清范式，认为它们互补并构成综合非均衡理论的要素，基于非均衡意识和猜想性价格/数量响应来探索政策含义。
This paper examines the Friedman-Phelps‘expectational (dis)equilibrium’ and the Clower-Leijonhufvud‘non-market-clearing’ paradigms as alternative disequilibrium theories, and draws their respective policy implications. Then, these paradigms are taken as complementary to each other, as containing necessary ingredients for a synthetic disequilibrium theory, whose policy implications can only tentatively be explored. A general disequilibrium theory is founded on the notion of ‘disequilibrium consciousness’ and on a detailed characterization of ‘conjectural’ price and/or quantity responses to non-market-clearing, whose quasi-equilibrium outcome is conditioned by both expectations and the intra-market spillover effect.