E-Stability Does Not Imply Learnability
AbstractThe concept of E-stability is widely used as a learnability criterion in studies of macroeconomic dynamics with adaptive learning. In this paper, it is demonstrated, via a counterexample, that E-stability generally does not imply learnability of rational expectations equilibria. The result indicates that E-stability may not be a robust device for equilibrium selection.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Macroeconomic Dynamics.
Volume (Year): 9 (2005)
Issue (Month): 02 (April)
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