Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers
在一个简单加总经济模型中，同时放松完全理性预期和无战略互动的假设，发现战略互补性会放大有限理性的影响，导致政策有效、产出持续和乘数效应。
Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylised aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed. We show that small deviations from rational expectations, taken alone, lead only to small deviations from classical policy‐ineffectiveness, but that the situation can change dramatically when strategic complementarity is introduced. Strategic complementarity magnifies the effects of even small departures from rational expectations, producing equilibria with policy effectiveness, output persistence and multiplier effects.