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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16822 |
DP16822 The Unattractiveness of Indeterminate Dynamic Equilibria | |
Julian Ashwin; Paul Beaudry; Martin Ellison | |
发表日期 | 2021-12-19 |
出版年 | 2021 |
语种 | 英语 |
摘要 | Macroeconomic forces that generate multiple equilibria often support locally-indeterminate dynamic equilibria in which a continuum of perfect foresight paths converge towards the same steady state. The set of rational expectations equilibria (REE) in such environments can be very large, although the relevance of many of them has been questioned on the basis that they may not be learnable. In this paper we document the existence of a learnable REE in such situations. However, we show that the dynamics of this learnable REE do not resemble perturbations around any of the convergent perfect foresight paths. Instead, the learnable REE treats the locally-indeterminate steady state as unstable, in contrast to it resembling a stable attractor under perfect foresight. |
主题 | Monetary Economics and Fluctuations |
关键词 | Indeterminacy Machine learning Multiple equilibria Neural networks |
URL | https://cepr.org/publications/dp16822 |
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/545748 |
推荐引用方式 GB/T 7714 | Julian Ashwin,Paul Beaudry,Martin Ellison. DP16822 The Unattractiveness of Indeterminate Dynamic Equilibria. 2021. |
条目包含的文件 | 条目无相关文件。 |
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