Existence of adaptively stable sunspot equilibria near an indeterminate steady state

• 成果类型: Article
• 署名作者: Evans, GW; Honkapohja, S
• 署名单位: University of Oregon; University of Helsinki
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00066-8
• 发表日期: 2003
• 页码: 125-134
• 关键词: Indeterminacy; learnability; expectational stability; endogenous fluctuations

摘要

We examine the nonlinear model x(l) = ElF(x(l+1)). Markov stationary sunspot equilibria (SSEs) exist near an indeterminate steady state, (x) over cap = F((x) over cap), provided \F'(x) over cap \ > 1. Despite the importance of indeterminacy in macroeconomics, earlier results have not provided conditions for the existence of adaptively stable SSEs near an indeterminate steady state. We show that there exist Markov SSEs near (x) over cap that are E-stable, and therefore locally stable under adaptive learning, if F'((x) over cap) < -1.