G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16822
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
URLhttps://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.
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