Tsyvinski, Aleh; Hellwig, Christian; Mukherji, Arihit - Society for Economic Dynamics - SED - 2004
suggested by Obstfeld (1986 and 1996). Despite multiplicity, the global games approach yields novel insights: All equilibria are … model, where the asset market itself gives rise to the coordination problem. Information aggregation overturns the global … games argument for equilibrium uniqueness, and implies that there may be multiple equilibria, in particular when private …