Existence of adaptively stable sunspot equilibria near an indeterminate steady state.

DOI10.1016/S0022-0531(03)00066-8zbMath1042.91069OpenAlexW2078478804MaRDI QIDQ1400988

George W. Evans, Seppo Honkapohja

Publication date: 17 August 2003

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/s0022-0531(03)00066-8

zbMATH Keywords

IndeterminacyEndogenous fluctuationsExpectational stabilityLearnability

Mathematics Subject Classification ID

Special types of economic equilibria (91B52) Macroeconomic theory (monetary models, models of taxation) (91B64)

Related Items (6)

Monetary policy and stable indeterminacy with inertia ⋮ 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 ⋮ Stable near-rational sunspot equilibria

Cites Work

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• Self-fulfilling prophecies
• Expectational stability of stationary sunspot equilibria in a forward-looking linear model
• On the local stability of sunspot equilibria under adaptive learning rules
• CONVERGENCE IN MONETARY INFLATION MODELS WITH HETEROGENEOUS LEARNING RULES
• Learning to Believe in Sunspots
• Sunspot Fluctuations Around a Steady State: The Case of Multidimensional One-Step Forward Looking Economic Models
• EXPECTATIONS COORDINATION ON A SUNSPOT EQUILIBRIUM: AN EDUCTIVE APPROACH

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