Browsing by Subject "Indeterminacy"

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Existence of Adaptively Stable Sunspot Equilibria near an Indeterminate Steady State

Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2002-04-06)

We examine the nonlinear model x_t = E_t F(x_(t+1)). Markov SSEs exist near an indeterminate steady state, hat(x)=F(hat(x)), provided |F'(hat(x)| > 1. Despite the importance of indeterminancy in macroeconomics, earlier ...
Expectational Stability of Stationary Sunspot Equilibria in a Forward-looking Linear Model

Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2002-01-14)

We consider the stability under adaptive learning of the complete set of solutions to the model x_i=beta(Ei*)(x_i+1) when |beat| >1. In addition to the fundamentals solution, the literature describes both finite-state ...
Implementing Optimal Monetary Policy in New-Keynesian Models with Inertia

Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2006-06-03)

We consider optimal monetary policy in New Keynesian models with inertia. First order conditions, which we call the MJB-alternative, are found to improve upon the timeless perspective. The MJB-alternative is shown to be ...
The Indeterminacy of Abstraction: Philip Guston 1947-1951

Keast, Lindsay (University of Oregon, 2014-09-29)

Many scholars exclude New York painter Philip Guston (1913-80) from the artistic tradition of Abstract Expressionism due to his absence from New York City during the group's early formative years. This thesis asserts, ...
Liquidity Traps, Learning and Stagnation

Evans, George W., 1949-; Guse, Eran A. (Eran Alan), 1975-; Honkapohja, Seppo, 1951- (University of Oregon, Dept of Economics, 2007-06-05)

We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally ...
Optimal Constrained Interest-rate Rules

Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2005-05-19)

We show that if policy-makers compute the optimal unconstrained interest-rate rule within a Taylor-type class, they may be led to rules that generate indeterminacy and/or instability under learning. This problem is compounded ...
Representations and Sunspot Stability

Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2007-01-01)

By endowing his agents with simple forecasting models, or representations, Woodford (1990) found that finite state Markov sunspot equilibria may be stable under learning. We show that common factor representations ...
Stable Finite-State Markov Sunspots

Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2006-10-09)

We consider a linear univariate rational expectations model, with a predetermined variable, and study existence and stability of solutions driven by an extraneous finite-state Markov process. We show that when the model ...
Stable Sunspot Equilibira in a Cash-in-Advance Economy

Evans, George W., 1949-; Honkapohja, Seppo, 1951-; Marimon, Ramon, 1953- (University of Oregon, Dept. of Economics, 2002-10-25)

We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other ...