This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Stable Sunspot Solutions in Models with Predetermined Variables

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
George W. Evans () (University of Oregon Economics Department)
Bruce McGough (Oregon State University)

Additional information is available for the following registered author(s):

Abstract

We consider a linear stochastic univariate rational expectations model, with a predetermined variable, and provide alternative representations of SSEs (stationary sunspot equilibria). For a strict subset of the parameter space there exist SSEs that are locally stable under least squares learning provided agents use a common factor representation for their estimated law of motion. These results indicate that for some parameter regions SSEs are more likely to arise under private agent learning than previously recognized.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://economics.uoregon.edu/papers/UO-2002-16_Evans_Stable_Sunspot.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by University of Oregon Economics Department in its series University of Oregon Economics Department Working Papers with number 2002-16.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 43
Date of creation: 17 Apr 2002
Date of revision: 29 May 2003
Handle: RePEc:ore:uoecwp:2002-16

Contact details of provider:
Postal: 1285 University of Oregon, 435 PLC, Eugene, OR 97403-1285
Phone: (541) 346-4661
Fax: (541) 346-1243
Email:
Web page: http://economics.uoregon.edu/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Bill Harbaugh).

Related research
Keywords:

Other versions of this item:

This paper has been announced in the following NEP Reports: Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
  1. Bennett T. McCallum, 2002. "Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability," NBER Working Papers 9218, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. George W. Evans & Bruce McGough, 2004. "Monetary Policy and Stable Indeterminacy with Inertia," University of Oregon Economics Department Working Papers 2004-4, University of Oregon Economics Department, revised 29 Mar 2004. [Downloadable!]
    Other versions:
  3. Shu-Heng Chen & Chung-Chih Liao & Pei-Jung Chou, 2008. "On the plausibility of sunspot equilibria," Journal of Economic Interaction and Coordination, Springer, vol. 3(1), pages 25-41, June. [Downloadable!] (restricted)
  4. George W. Evans & Bruce McGough, 2005. "Optimal Constrained Interest-rate Rules," University of Oregon Economics Department Working Papers 2005-9, University of Oregon Economics Department, revised 31 May 2006. [Downloadable!]
    Other versions:
  5. Luis-Felipe Zanna, 2004. "PPP rules, macroeconomic (In)stability and learning," International Finance Discussion Papers 814, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  6. William A. Branch & Troy Davig & Bruce McGough, 2007. "Expectational stability in regime-switching rational expectations models," Research Working Paper RWP 07-09, Federal Reserve Bank of Kansas City. [Downloadable!]
  7. George W. Evans & Bruce McGough, 2006. "Stable Finite-State Markov Sunspots," University of Oregon Economics Department Working Papers 2006-13, University of Oregon Economics Department. [Downloadable!]
  8. Peter von zur Muehlen & Robert J. Tetlow, 2005. "Robustifying Learnability," Computing in Economics and Finance 2005 437, Society for Computational Economics. [Downloadable!]
    Other versions:
  9. Bennett T. McCallum, 2003. "The Unique Minimum State Variable RE Solution is E-Stable in All Well Formulated Linear Models," NBER Working Papers 9960, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Evans , George W & Honkapohja, Seppo, 2007. "Expectations, learning and monetary policy: an overview of recent research," Research Discussion Papers 32/2007, Bank of Finland. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? There are NEP reports in over 80 fields that deliver new research to your email.

This page was last updated on 2008-11-16.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.