Stable near-rational sunspot equilibria
نویسندگان
چکیده
A new class of near-rational sunspot equilibria is identified in economies expressed as non-linear forward-looking models. The new equilibria are natural extensions of the usual sunspot equilibria associated to the linearized version of the economy, and are near-rational in that agents use the optimal linear forecasting model when forming expectations. A generic existence result is established. Stability under learning is also examined: the near-rational sunspot equilibria are found to be E-stable provided that the linearized model’s minimal state variable solution is E-stable.
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تاریخ انتشار 2015