Browsing by Subject "Existence and stability conditions of equilibrium"

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Are Stationary Hyperinflation Paths Learnable?

Adam, Klaus; Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept of Economics, 2003-03-17)

Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized ...
Coordination on Saddle-Path Solutions: The Eductive Viewpoint -- Linear Multivariate Models

Evans, George W., 1949-; Guesnerie, R. (University of Oregon, Dept of Economics, 2003-10-10)

We examine local strong rationality (LSR) in multivariate models with both forward-looking expectations and predetermined variables. Given hypothetical common knowledge restrictions that the dynamics will be close to those ...
Intrinsic Heterogeneity in Expectation Formation

Branch, William A.; Evans, George W., 1949- (University of Oregon, Dept. of Economics, 2003-05-16)

We introduce the concept of a Misspecification Equilibrium to dynamic macroeconomics. Agents choose between a list of misspecified econometric models and base their selection on relative forecast performance. A Misspecification ...