G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w12540
来源IDWorking Paper 12540
Indeterminacy in a Forward Looking Regime Switching Model
Roger E. A. Farmer; Daniel F. Waggoner; Tao Zha
发表日期2006-09-28
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Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy
URLhttps://www.nber.org/papers/w12540
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/570198
推荐引用方式
GB/T 7714
Roger E. A. Farmer,Daniel F. Waggoner,Tao Zha. Indeterminacy in a Forward Looking Regime Switching Model. 2006.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w12540.pdf(327KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Roger E. A. Farmer]的文章
[Daniel F. Waggoner]的文章
[Tao Zha]的文章
百度学术
百度学术中相似的文章
[Roger E. A. Farmer]的文章
[Daniel F. Waggoner]的文章
[Tao Zha]的文章
必应学术
必应学术中相似的文章
[Roger E. A. Farmer]的文章
[Daniel F. Waggoner]的文章
[Tao Zha]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w12540.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。