ON THE LOCAL STABILITY OF SUNSPOT EQUILIBRIA UNDER ADAPTIVE LEARNING RULES

被引：43

作者：

EVANS, GW ^{[1
]}

HONKAPOHJA, S ^{[1
]}

机构：

[1] UNIV HELSINKI,DEPT ECON,SF-00014 HELSINKI,FINLAND

来源：

JOURNAL OF ECONOMIC THEORY | 1994年 / 64卷 / 01期

关键词：

D O I：

10.1006/jeth.1994.1059

中图分类号：

F [经济];

学科分类号：

02 ;

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.

引用

页码：142 / 161

页数：20