Coherence without rationality at the zero lower bound
研究了零下限约束下标准理性预期模型可能无解或多解的问题，发现偏离完全信息理性预期（如使用简单错误预测模型或适应性预期）可恢复模型的一致性和完整性，并利用E-稳定性准则选择均衡。
Standard rational expectations models with an occasionally binding zero lower bound constraint either admit no solutions (incoherence) or multiple solutions (incompleteness). This paper shows that deviations from full-information rational expectations mitigate concerns about incoherence and incompleteness. Models with no rational expectations equilibria admit self-confirming equilibria involving the use of simple mis-specified forecasting models. Completeness and coherence are restored if expectations are adaptive or if agents are less forward-looking due to some information or behavioral friction. In the case of incompleteness, the E-stability criterion selects an equilibrium.