论文标题
连贯性无合理性在零下限
Coherence without Rationality at the Zero Lower Bound
论文作者
论文摘要
标准有理期望模型偶尔结合的零下限约束既不承认没有解决方案（不连贯）或多个解决方案（不完整）。本文表明，偏离全信息理性期望的偏差减轻了人们对不连贯性和不完整性的担忧。没有理性期望的模型平衡的模型承认自我融合平衡涉及使用简单错误指定的预测模型。如果期望是自适应的，或者由于某些信息或行为摩擦而恢复了完整性和连贯性，或者代理人看上去较低。在不完整的情况下，电子稳定性标准会选择平衡。
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 is 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.
