| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9039 |
| DP9039 Can the learnability criterion ensure determinacy in New Keynesian Models? | |
| Patrick Minford; Naveen Srinivasan | |
| 发表日期 | 2012-07-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Forward-looking RE models such as the popular New Keynesian (NK) model do not provide a unique prediction about how the model economy behaves. We need some mechanism that ensures determinacy. McCallum (2011) says it is not needed because models are learnable only with the determinate solution and so the NK model, once learnt in this way, will be determinate. We agree: the only learnable solution that has agents converge on the true NK model is the bubble-free one. But once they have converged they must then understand the model and its full solution therefore including the bubble. Hence the learnability criterion still fails to pick a unique RE solution in NK models. |
| 主题 | International Macroeconomics |
| 关键词 | Determinacy E-stability Learnability New-keynesian Taylor rule |
| URL | https://cepr.org/publications/dp9039 |
| 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/537871 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Naveen Srinivasan. DP9039 Can the learnability criterion ensure determinacy in New Keynesian Models?. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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