Learning Dynamics and the Memory Effect
This paper studies the relationships between determinacy and stability under recursive learning of rational expectations equilibria. The analysis is carried out within a non-stochastic linear temporary general equilibrium framework with predetermined variables (or memory). Determinacy of the unique stationary rational expectations equilibrium is shown to be a benchmark for stability under learning of linear non-stationary rational expectations equilibria. This property proceeds through a continuity argument that emphasizes the effect of the memory. It also provides a better understanding of some intricate dynamic features.
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