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Introduction

In: Growth and Business Cycles with Equilibrium Indeterminacy

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  • Kazuo Mino

    (Kyoto University Institute of Economic Research)

Abstract

This chapter reviews the issue of equilibrium indeterminacy in macroeconomics. Instead of providing a broad literature survey, we consider two simple examples. One is a univariable rational expectations model of asset price determination. The other is a general equilibrium model of monetary economy. When discussing both examples, we classify the models into three categories: the steady state of the model economy is (i) unique, (ii) multiple, and (iii) a continuum. The majority of foregoing studies have treated models with a unique steady state. However, there are some interesting situations in which multiple steady state equilibria exist or the steady state of the economy constitutes a continuum.

Suggested Citation

  • Kazuo Mino, 2017. "Introduction," Advances in Japanese Business and Economics, in: Growth and Business Cycles with Equilibrium Indeterminacy, chapter 0, pages 1-18, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-55609-1_1
    DOI: 10.1007/978-4-431-55609-1_1
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