| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w15234
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| 来源ID | Working Paper 15234
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| Causality, Structure, and the Uniqueness of Rational Expectations Equilibria |
| Bennett T. McCallum
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| 发表日期 | 2009-08-13
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| 出版年 | 2009
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| 语种 | 英语
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| 摘要 | Consider a rational expectations (RE) model that includes a relationship between variables `x_t` and `z_(t+1)`. To be considered structural and potentially useful as a guide to actual behavior, this model must specify whether `x_t` is influenced by the expectation at t of `z_(t+1)` or, alternatively, that `z_(t+1)` is directly influenced (via some inertial mechanism) by `x_t` (i.e., that `z_t` is influenced by `x_(t-1)`). These are quite different phenomena. Here it is shown that, for a very broad class of multivariate linear RE models, distinct causal specifications involving both expectational and inertial influences will be uniquely associated with distinct solutions--which will result operationally from different specifications concerning which of the model's variables are predetermined. It follows that for a given structure, and with a natural continuity assumption, there is only one RE solution that is fully consistent with the model's specification. Furthermore, this solution does not involve "sunspot" phenomena. |
| 主题 | Microeconomics
; Mathematical Tools
; Macroeconomics
; Business Cycles
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| URL | https://www.nber.org/papers/w15234
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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/572910
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推荐引用方式
GB/T 7714 |
Bennett T. McCallum. Causality, Structure, and the Uniqueness of Rational Expectations Equilibria. 2009.
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文件名：
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w15234.pdf
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格式：
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Adobe PDF
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