Coordination failures and slow recoveries in macroeconomics
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2018-05-09
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Guimarães, Bernardo de Vasconcellos
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Coordination failures are one of the possible reasons why economies suffer during a recession and why they take long time to recover. This work studies a macroeconomic model with endogenous hazard rates that captures in a simple way the dynamic coordination problem and assess it quantitatively. We could find that, for the US economy, coordination failures have very small effects but very persistent.