Structure-Induced Equilibria and Perfect-Foresight Expectations
In: American journal of political science, Band 25, Heft 4, S. 762
ISSN: 1540-5907
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In: American journal of political science, Band 25, Heft 4, S. 762
ISSN: 1540-5907
In: American journal of political science, Band 36, Heft 1, S. 1
ISSN: 1540-5907
In: The Encyclopedia of Public Choice, S. 865-867
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Working paper
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Working paper
In: The B.E. journal of theoretical economics, Band 7, Heft 1
ISSN: 1935-1704
In rational beliefs (RB) models there is an observed empirical distribution for the stochastic process of state variables. Many different weakly asymptotic mean stationary (WAMS) processes could have generated this empirical distribution, i.e. are consistent with it, and each of them are therefore called a rational belief.We provide a general framework for using RB in general equilibrium models. Individual rational beliefs are assumed correlated by means of sunspots which at the aggregate level lead to excess volatility.The application adapts the proof by Duffie et al (1994) of the existence of a stationary ergodic RE equilibrium to the case where agents hold rational beliefs.
In: NBER Working Paper No. w10252
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In: YGAME-D-22-00540
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In: The Manchester School, Band 79, Heft s1, S. 551-566
ISSN: 1467-9957
Consider a rational expectations model that includes a relationship between variables xt and zt+1. To be useful as a guide to actual behavior, this model should specify whether xt is influenced by the expectation at t of zt+1 or, alternatively, that zt+1 is directly influenced by xt. For a broad class of multivariate linear RE models, distinct causal specifications involving both expectational and inertial influences will be uniquely associated with distinct solutions—operationally, different specifications of which variables are predetermined. With a natural continuity assumption, there is only one RE solution that is fully consistent with the model's specification.
In: NBER Working Paper No. w15234
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Working paper
In: 2020 AFA San Diego Meetings Paper
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Working paper
In: Public choice, Band 37, Heft 3, S. 503-519
ISSN: 1573-7101
In: Materials and design, Band 103, S. 308-314
ISSN: 1873-4197
In: American journal of political science, Band 36, Heft 2, S. 462
ISSN: 1540-5907
In: Mathematical social sciences, Band 2, Heft 4, S. 373-382