Determinacy and Stability under Learning of Rational Expectations Equilibria
This paper studies relationships between the local determinacy of a stationary equilibrium in the perfect foresight dynamics, and its local stability in dynamics arising from econometric learning procedures. There is no clear links in linear scalar economieds where agents forecast only one period ahead, and with an arbitrary (fixed) number of predetermined variables.
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|Date of creation:||1999|
|Date of revision:|
|Publication status:||Published in Journal of Economic, February 2002, 102, pp. 354-374.|
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