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Resuscitating the Cobweb Cycle

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Author Info
Klaus Reiner Schenk–Hoppé

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Abstract

This note shows that permanent uctuations in the Cobweb model - though inconsistent with a rational expectations equilibrium - can be justified as being rational when reinterpreting the model in the theory of rational beliefs.

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File URL: http://www.iew.unizh.ch/wp/iewwp123.pdf
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Publisher Info
Paper provided by Institute for Empirical Research in Economics - IEW in its series IEW - Working Papers with number iewwp123.

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Handle: RePEc:zur:iewwpx:123

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Related research
Keywords: Cobweb model; rational beliefs; rational expectations;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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This page was last updated on 2009-12-17.

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