I would like to thank the contributors and HAU for this symposium. It is a great privilege to receive such insightful and challenging comments, which have expanded and clarified my thinking on a range of fronts. I'll begin with the comment of Stephen Lyon and David Henig because they raise fundamental methodological questions. I am very pleased that they see my book as having significance for d...

There is an important hemispheric distinction in the functional organization of prefrontal cortex (PFC) that has not been fully recognized and explored. Research with split-brain patients provides considerable evidence for a left hemisphere (LH) "interpreter" that abhors indeterminacy and automatically draws inferences to complete patterns (real or imaginary). It is suggested that this "interpr...

We propose a novel approach to deal with the problem of indeterminacy in linear rational expectations models. The method consists augmenting original state space set auxiliary exogenous equations provide adequate number explosive roots presence indeterminacy. solution this expanded space, if it exists, is always determinate, and identical indeterminate model. proposed accommodates determinacy a...

This paper addresses the e ects of indeterminacy on the volatility of asset prices in a stochastic overlapping generations model with 3-period lived agents. With complete markets, the only indeterminacy is due to the selection of initial conditions for the economy. As with deterministic economies, the equilibrium set converges to the steady state in the long run. With incomplete markets, not on...