Equilibrium Beliefs and Non-uniqueness in a Rational Expectations Model of Inflation
Author | : Kenneth J. Matheny |
Publisher | : |
Total Pages | : 23 |
Release | : 1993 |
Genre | : Inflation (Finance) |
ISBN | : |
Download Equilibrium Beliefs And Non Uniqueness In A Rational Expectations Model Of Inflation full books in PDF, epub, and Kindle. Read online free Equilibrium Beliefs And Non Uniqueness In A Rational Expectations Model Of Inflation ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author | : Kenneth J. Matheny |
Publisher | : |
Total Pages | : 23 |
Release | : 1993 |
Genre | : Inflation (Finance) |
ISBN | : |
Author | : Bennett T. McCallum |
Publisher | : |
Total Pages | : 66 |
Release | : 1981 |
Genre | : Econometrics |
ISBN | : |
Many macroeconomic models involving rational expect at ions give rise to an infinity of solution paths, even when the models are linear in all variables. Some writers have suggested that this non-uniqueness constitutes a serious weakness for the rational expectations hypothesis. One purpose of the present paper is to argue that the non-uniqueness in question is not properly attributable to the rationality hypothesis but, instead, is a general feature of dynamic models involving expectations. It is also argued that there typically exists, in a very wide class of linear rational expectations models, a single solution that excludes "bubble" or "bootstrap" effects ones that occur only because they are arbitrarily expected to occur. A systematic procedure for obtaining solutions free from such effects is introduced and discussed. In addition, this procedure is used to interpret and reconsider several prominent examples with solution multiplicities, including ones developed by Fischer Black and John B. Taylor. [Resumen de autor]
Author | : W. M. Scarth |
Publisher | : |
Total Pages | : |
Release | : 1984 |
Genre | : Applied mathematics |
ISBN | : |
Author | : Michael Woodford |
Publisher | : Elsevier |
Total Pages | : 822 |
Release | : 1999 |
Genre | : |
ISBN | : 9780444501561 |
Author | : M. Murat Köksalan |
Publisher | : |
Total Pages | : 34 |
Release | : 1996 |
Genre | : Decision making |
ISBN | : |
Author | : Kenneth James Matheny |
Publisher | : |
Total Pages | : 334 |
Release | : 1992 |
Genre | : Business cycles |
ISBN | : |
Author | : Thomas J. Sargent |
Publisher | : New York : Harper & Row |
Total Pages | : 234 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |