| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2915
|
| DP2915 Screening Cycles |
| Thomas Gehrig
|
| 发表日期 | 2001-08-01
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | Dynamic models in which agents' behaviour depends on expectations of future prices or other endogenous variables can have steady states that are stationary equilibria for a wide variety of expectations rules, including rational expectations. When there are multiple steady states, stability is a criterion for selecting predictions of long-run outcomes among them. The purpose of this Paper is to study how sensitive stability is to certain details of the expectations rules, in a simple OLG model with constant government debt that is financed through seigniorage. We compare simple recursive learning rules, learning rules with vanishing gain, and OLS learning, and also relate these to expectational stability. One finding is that two adaptive expectation rules that differ only in whether they use current information can have opposite stability properties. |
| 主题 | International Macroeconomics
|
| 关键词 | inflation
Adaptive expectations
Stability
|
| URL | https://cepr.org/publications/dp2915
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531950
|
推荐引用方式
GB/T 7714 |
Thomas Gehrig. DP2915 Screening Cycles. 2001.
|
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