作者：HALIASSOS, M
作者单位：University System of Maryland; University of Maryland College Park
摘要：Long-run analysis is often based on perfect foresight equilibrium relationships arbitrarily augmented to incorporate stochastic shocks. This paper examines whether perfect foresight models admit interpretations as limits of stochastic economies and reflect long-run behaviour and policy effects. It provides a novel interpretation of such models, specifies consistency criteria for long-run analysis, and proposes metrics for model convergence. Analytical and calibration exercises are conducted to...
