Rational Expectations Business Cycles in Search Equilibrium
分析Diamond搜索与物物交换模型中理性预期均衡路径，发现存在多重均衡路径，包括收敛于不同稳态的路径、连续统路径以及周期路径，即使环境是平稳的。
The authors examine the rational expectations equilibrium paths of the model of search and barter in Peter A. Diamond's "Aggregate Demand Management in Search Equilibrium" (1982). For some initial positions, there are two equilibrium paths converging to different steady states, with the high-activity path Pareto-dominating the low-activity path. With some parameters, there is also a continuum of equilibrium paths converging to another steady state. Moreover, there can be cycles that are equilibrium paths, even though the environment is stationary. Copyright 1989 by University of Chicago Press.