On the local stability of sunspot equilibria under adaptive learning rules
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Publication:1339744
DOI10.1006/jeth.1994.1059zbMath0811.90015OpenAlexW2041691840MaRDI QIDQ1339744
George W. Evans, Seppo Honkapohja
Publication date: 8 December 1994
Published in: Journal of Economic Theory (Search for Journal in Brave)
Full work available at URL: https://doi.org/10.1006/jeth.1994.1059
learninglocal stabilitystationary Markov sunspot equilibriadynamic nonlinear modelrecursive learning algorithm
Economic growth models (91B62) General equilibrium theory (91B50) Memory and learning in psychology (91E40)
Related Items (16)
Monetary policy and stable indeterminacy with inertia ⋮ E-equilibria and adaptive expectations: Output and inflation in the LBS model ⋮ Existence of adaptively stable sunspot equilibria near an indeterminate steady state. ⋮ Coherence without rationality at the zero lower bound ⋮ Expectational diversity in monetary economies ⋮ Learning with bounded memory in stochastic models ⋮ Expectational stability of stationary sunspot equilibria in a forward-looking linear model ⋮ Stable sunspot solutions in models with predetermined variables ⋮ E-stability vis-à-vis determinacy in regime-switching models ⋮ Monetary policy, indeterminacy and learning ⋮ Escape dynamics: a continuous-time approximation ⋮ Are sunspots learnable? An experimental investigation in a simple macroeconomic model ⋮ Stable near-rational sunspot equilibria ⋮ Grouping for optimal growth ⋮ Convergence of learning algorithms without a projection facility ⋮ The RPEs of RBCs and other DSGEs
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