Learnability and equilibrium selection under indeterminacy

研究成果: Article査読

抄録

This paper presents an equilibrium selection procedure for linear rational expectations models under equilibrium indeterminacy. In the procedure, a specific equilibrium is chosen such that the perceived law of motion for agents with adaptive learning rules converges to the particular solution. The procedure is applicable only under empirically implausible parameter settings if the agents perceive fundamental shock processes completely. However, if they misperceive the fundamental shocks in some degree, the procedure works under plausible parameters. It is also demonstrated that the selected particular solution exhibits different dynamics from that under the assumption often made in the literature.

本文言語English
ページ(範囲)3459-3477
ページ数19
ジャーナルJournal of Economic Dynamics and Control
32
11
DOI
出版ステータスPublished - 2008 11 1
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 制御と最適化
  • 応用数学

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