| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5926 |
| DP5926 Can Anyone be 'The One'? Evidence on Mate Selection from Speed Dating | |
| Marco Francesconi; Michele Belot | |
| 发表日期 | 2006-11-05 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper is about the properties of Markov switching rational expectations (MSRE) models. We present a simple monetary policy model that switches between two regimes with known transition probabilities. The first regime, treated in isolation, has a unique determinate rational expectations equilibrium and the second contains a set of indeterminate sunspot equilibria. We show that the Markov switching model, which randomizes between these two regimes, may contain a continuum of indeterminate equilibria. We provide examples of stationary sunspot equilibria and bounded sunspot equilibria which exist even when the MSRE model satisfies a 'generalized Taylor principle'. Our result suggests that it may be more difficult to rule out non-fundamental equilibria in MRSE models than in the single regime case where the Taylor principle is known to guarantee local uniqueness. |
| 主题 | International Macroeconomics |
| 关键词 | Indeterminacy Regime switching Taylor principle |
| URL | https://cepr.org/publications/dp5926 |
| 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/534758 |
| 推荐引用方式 GB/T 7714 | Marco Francesconi,Michele Belot. DP5926 Can Anyone be 'The One'? Evidence on Mate Selection from Speed Dating. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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