This study presents a monetary disequilibrium growth model and conducts numerical simulations to investigate how dynamic paths are affected by the initial conditions and the parameters of expectation formation. The main results are as follows. First, dynamic properties such as stable convergence and cyclical fluctuations depend on the type of expectation formation rather than on the initial regimes. Stable convergence takes an excessively long time when expectation formation is too rational and cyclical fluctuations appear when it is too adaptive. Second, when the economy converges to the steady state (i.e., the Walrasian equilibrium), persistent Keynesian unemployment is likely to appear along the dynamic path. Third, the dynamics of inflation expectation that contain the price dynamics in the feedback loop might play an important role in convergence to the steady state.

这项研究提出了一种货币不平衡增长模型，并进行了数值模拟，以研究动态路径如何受到初始条件和期望形成参数的影响。主要结果如下。首先，诸如稳定收敛和周期性波动之类的动态属性取决于期望形成的类型，而不是取决于初始状态。当期望的形成过于合理时，稳定的收敛会花费很长时间，而当它的适应性太强时，就会出现周期性的波动。其次，当经济收敛至稳定状态（即瓦尔拉斯均衡）时，凯恩斯主义持续失业很可能沿着动态路径出现。第三，