Sentiments and Aggregate Demand Fluctuations
形式化了凯恩斯关于情绪驱动总需求进而产生产出波动的观点，在理性预期下，当生产决策基于不完全信息时，情绪可导致自我实现的均衡波动，且无需持久信息摩擦、外部性等条件。
We formalize the Keynesian insight that aggregate demand driven by sentiments can generate output fluctuations under rational expectations. When production decisions must be made under imperfect information about demand, optimal decisions based on sentiments can generate stochastic self-fulfilling rational expectations equilibria in standard economies without persistent informational frictions, externalities, nonconvexities, or strategic complementarities in production. The models we consider are deliberately simple, but could serve as benchmarks for more complicated equilibrium models with additional features.