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The E-correspondence Principle

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  • George W. Evans

    ()
    (University of Oregon Economics Department)

  • Seppo Honkapohja

    (University of Helsinki)

Abstract

We introduce the E-correspondence principle for stochastic dynamic expectations models as a tool for comparative dynamics analysis. The principle is applicable to equilibria that are stable under least squares and closely related learning rules. With this technique it is possible to study, without explicit solving for the equilibrium, how properties of the equilibrium are affected by changes in the structural parameters of the model. Even if qualitative comparative dynamics results are not obtainable, a quantitative version of the principle can be applied.

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Bibliographic Info

Paper provided by University of Oregon Economics Department in its series University of Oregon Economics Department Working Papers with number 2003-27.

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Length: 21
Date of creation: 01 Jun 2003
Date of revision: 10 Jun 2005
Handle: RePEc:ore:uoecwp:2003-27

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  1. Evans, George W. & Honkapohja, Seppo, 2003. "Existence of adaptively stable sunspot equilibria near an indeterminate steady state," Journal of Economic Theory, Elsevier, vol. 111(1), pages 125-134, July.
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