Coordination Failure in Macroeconomics: An Overview

Macroeconomic models incorporating multiple equilibriums are gaining popularity and seem to have a strong intuitive appeal. This paper explains the notion of coordination failure in macroeconomics and introduces the papers in this conference volume. It also addresses sunspot equilibrium theory and well as policy implications. The papers in this symposium represent a class of macroeconomic models that take the idea of multiple equilibriums seriously and attempt to assess the empirical validity of these models.