| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w14164
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| 来源ID | Working Paper 14164
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| Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results |
| Bennett T. McCallum
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| 发表日期 | 2008-07-15
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| 出版年 | 2008
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| 语种 | 英语
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| 摘要 | In a very broad class of dynamic linear models, if agents possess knowledge of current endogenous variables in a least-squares learning process, determinacy of a rational expectations (RE) equilibrium is sufficient but not necessary for learnability of that equilibrium. Thus, since learnability is an attractive necessary condition for plausibility of any equilibrium, there may exist a single plausible RE solution even in cases of indeterminacy. This paper proposes and outlines a distinct criterion that plausible models should possess, termed "well formulated" (WF), which rules out infinite discontinuities in the implied impulse response functions. The paper explores the relationship between this WF property and learnability, under the information assumption mentioned above, and finds that they often agree but neither strictly implies the other. Extending the P-matrix requirement, implied for specified matrices by the WF property, to one that demands positive dominant-diagonal matrices would guarantee both WF and learnability, but a suitable rationale has not been found. Finally, under a second information assumption, which gives the agents only lagged information on endogenous variables during the learning process, the situation is less favorable in the sense that learnability can be guaranteed only under special assumptions. |
| 主题 | Microeconomics
; Mathematical Tools
; Macroeconomics
; Business Cycles
; Monetary Policy
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| URL | https://www.nber.org/papers/w14164
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571838
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推荐引用方式
GB/T 7714 |
Bennett T. McCallum. Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results. 2008.
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文件名：
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w14164.pdf
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格式：
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Adobe PDF
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