Saddlepath learning

• 成果类型: Article
• 署名作者: Ellison, Martin; Pearlman, Joseph
• 署名单位: University of Oxford; London Metropolitan University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2011.03.005
• 发表日期: 2011
• 页码: 1500-1519
• 关键词: E-stability; Determinacy; learning; Saddlepath stability

摘要

Saddlepath learning occurs when agents learn adaptively using a perceived law of motion that has the same form as the saddlepath relationship in rational expectations equilibrium. Under saddlepath learning, we obtain a completely general relationship between determinacy and e-stability, and generalise minimum state variable results previously derived only under full information. When the system is determinate, we show that a learning process based on the saddlepath is always e-stable. When the system is indeterminate, we find there is a unique MSV solution that is iteratively e-stable. However, in this case there is a sunspot solution that is learnable as well. We conclude by demonstrating that our results hold for any information set. (C) 2011 Elsevier Inc. All rights reserved.