Stable Noisy K-state Markov Sunspots

dc.contributor.authorEvans, George W., 1949-
dc.contributor.authorMcGough, Bruce
dc.date.accessioned2003-08-15T21:23:22Z
dc.date.available2003-08-15T21:23:22Z
dc.date.issued2002-07-18
dc.description.abstractWe consider a linear stochastic univariate rational expectations model, with a predetermined variable, and consider solutions driven by an extraneous finite state Markov process as well as by the fundamental noise. We obtain conditions for existence of noisy k-state sunspot equilibria (noisy k-SSEs) and, for the case k=2, of noisy k-state dependent sunspot equilibria (noisy k-*SDSs). k-*SDSs are driven by a finite stable sunspot but have an infinite range of values even in the nonstochastic model. Stability under econometric learning is analyzed using representations that nest both types of solution. For the case k=2, we find that noisy 2-SSEs and noisy 2-*SDSs are learnable for parameters in proper subsets of the regions of their existence.en
dc.format.extent759808 bytes
dc.format.mimetypeapplication/pdf
dc.identifier.urihttps://hdl.handle.net/1794/103
dc.language.isoen_US
dc.publisherUniversity of Oregon, Dept. of Economicsen
dc.relation.ispartofseriesUniversity of Oregon Economics Department Working Papers;2002-19
dc.subjectEconomicsen
dc.subjectSunspotsen
dc.titleStable Noisy K-state Markov Sunspotsen
dc.typeWorking Paperen

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