ON THE LOCAL STABILITY OF SUNSPOT EQUILIBRIA UNDER ADAPTIVE LEARNING RULES
成果类型：
Article
署名作者：
EVANS, GW; HONKAPOHJA, S
署名单位：
University of Helsinki
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1059
发表日期：
1994
页码：
142-161
关键词：
摘要：
We examine local stability under learning of stationary Markov sunspot equilibria (SSEs) in a simple dynamic nonlinear model. Necessary and sufficient conditions for local convergence of a recursive learning algorithm to SSEs are shown to be given (generically) by expectational stability (E-stability) conditions. We distinguish between weak and strong E-stability, where the latter requires stability also with respect to overparametrizations of the sunspot solution. Economic applications are given based on the overlapping generations model.