Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/300472 
Autor:innen: 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Staff Report No. 1093
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
Equilibrium assumptions posit relations between different people's beliefs and behavior without describing a process that causes these relations to hold. I show that because equilibrium models do not describe a causal process whereby one endogenous variable affects another, attempts to decompose the effects of shocks into "direct" and "indirect" effects can suggest misleading predictions about how these models work. Equilibrium assumptions also imply absurd paradoxes: history can determine future behavior without affecting any intervening state variables today; individuals can learn information that no one originally possesses by observing each other's actions. This makes equilibrium models unreliable tools to study how economic systems coordinate activity and aggregate dispersed information. I describe how to construct non-equilibrium models that avoid these paradoxes and can be interpreted causally.
Schlagwörter: 
equilibrium
disequilibrium
mechanisms
causality
paradoxes
JEL: 
B41
C70
D50
D83
E70
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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