A Disequilibrium Rational Expectations Model with Walrasian Prices and Involuntary Unemployment
构建了一个世代交叠模型，其中临时均衡（瓦尔拉斯或凯恩斯）由外生的序列相关随机变量（太阳黑子）决定，产生持续的瓦尔拉斯价格、理性预期以及间歇性的凯恩斯失业和瓦尔拉斯充分就业。
A fixprice, non-Walrasian temporary equilibrium which co-exists with the Walrasian equilibrium at Walrasian temporary equilibrium prices, has been called "unsatisfactory" by Hahn. If consumers live, and work, for two periods, expectations of future unemployment easily (in particular with normal goods) generate unsatisfactory Keynesian unemployment equilibria, if these expectations reflect serial correlation in unemployment. Assuming that the choice of temporary equilibrium (Walrasian or Keynesian) is governed by an extraneous, "serially correlated" random variable (sunspots), a long-run equilibrium of an overlapping-generations model is presented which has persistent Walrasian prices, rational expectations and intermittent phases of Keynesian unemployment and Walrasian full employment.