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Expectational Stability and the Multiple Equilibria Problem in Linear Rational Expectations Models

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Cited by:

  1. Bennett T. McCallum, 2002. "Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability," NBER Working Papers 9218, National Bureau of Economic Research, Inc.
  2. Ariane Szafarz, 2015. "Market Efficiency and Crises:Don’t Throw the Baby out with the Bathwater," Bankers, Markets & Investors, ESKA Publishing, issue 139, pages 20-26, November-.
  3. Pierre-André Maugis, 2010. "Market Efficiencies and Market Risks," Post-Print halshs-00544324, HAL.
  4. Atanas Christev, 2006. "Learning Hyperinflations," Computing in Economics and Finance 2006 475, Society for Computational Economics.
  5. Hommes, Cars & Huber, Stefanie J. & Minina, Daria & Salle, Isabelle, 2024. "Learning in a complex world: Insights from an OLG lab experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 813-837.
  6. Bennett T. McCallum, 2000. "Role of the Minimal State Variable Criterion," NBER Working Papers 7087, National Bureau of Economic Research, Inc.
  7. Alonso-Carrera, Jaime, 2001. "On learning to forecast in an endogenous growth model with externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 25(8), pages 1139-1156, August.
  8. Evans, George W. & Guesnerie, Roger, 2005. "Coordination on saddle-path solutions: the eductive viewpoint--linear multivariate models," Journal of Economic Theory, Elsevier, vol. 124(2), pages 202-229, October.
  9. McCallum, Bennett T., 2003. "Multiple-solution indeterminacies in monetary policy analysis," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1153-1175, July.
  10. Maciej K. Dudek, 2004. "Expectation Formation and Endogenous Fluctuations in Aggregate Demand," Econometric Society 2004 Latin American Meetings 103, Econometric Society.
  11. Honkapohja, Seppo & Mitra, Kaushik, 2003. "Learning with bounded memory in stochastic models," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1437-1457, June.
  12. Hector Calvo-Pardo, 2009. "Are the antiglobalists right? Gains-from-trade without a Walrasian auctioneer," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 38(3), pages 561-592, March.
  13. Guse, Eran A., 2010. "Heterogeneous expectations, adaptive learning, and evolutionary dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 74(1-2), pages 42-57, May.
  14. James B. Bullard, 2006. "The learnability criterion and monetary policy," Review, Federal Reserve Bank of St. Louis, vol. 88(May), pages 203-217.
  15. Bennett McCallum, 1999. "Role of the Minimal State Variable Criterion in Rational Expectations Models," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 6(4), pages 621-639, November.
  16. Roger Guesnerie, 2009. "Macroeconomic and Monetary Policies from the Eductive Viewpoint," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 6, pages 171-202, Central Bank of Chile.
  17. Heinemann, Maik, 1997. "Convergence of Adaptive Learning and the Concept of Expectational Stability in Linear Rational Expectations Models with Multiple Equilibria," Hannover Economic Papers (HEP) dp-207, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  18. Kenneth Kasa, 2000. "Forecasting the Forecasts of Others in the Frequency Domain," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 726-756, October.
  19. repec:wvu:wpaper:09-01 is not listed on IDEAS
  20. Roberts, Mark A., 1997. "The effect of the time-structure of information on the expectational-stability of rational expectations," Economics Letters, Elsevier, vol. 57(2), pages 157-162, December.
  21. Bullard James, 1994. "Learning Equilibria," Journal of Economic Theory, Elsevier, vol. 64(2), pages 468-485, December.
  22. Cars Hommes & Kostas Mavromatis & Tolga Özden & Mei Zhu, 2023. "Behavioral learning equilibria in New Keynesian models," Quantitative Economics, Econometric Society, vol. 14(4), pages 1401-1445, November.
  23. Bennett T. McCallum, 2002. "The Unique Minimum State Variable RE Soluiton is E-Stable in All Well Formulated Linear Models," GSIA Working Papers 2003-25, Carnegie Mellon University, Tepper School of Business.
  24. John Y. Campbell & Carolin Pflueger & Luis M. Viceira, 2020. "Macroeconomic Drivers of Bond and Equity Risks," Journal of Political Economy, University of Chicago Press, vol. 128(8), pages 3148-3185.
  25. Olivier Loisel, 2004. "Monetary policy rules to preclude booms and busts," Money Macro and Finance (MMF) Research Group Conference 2003 56, Money Macro and Finance Research Group.
  26. Richard Dennis & Tatiana Kirsanova, 2010. "Expectations traps and coordination failures: selecting among multiple discretionary equilibria," Working Paper Series 2010-02, Federal Reserve Bank of San Francisco.
  27. Petia Ivanova, 2007. "The Fiscal Theory for the Cost Level and Monetarism," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 60-79.
  28. Le Bihan, Hervé & Marx, Magali & Matheron, Julien, 2023. "Inflation tolerance ranges in the New Keynesian model," European Economic Review, Elsevier, vol. 153(C).
  29. Christopher Gibbs & Nigel McClung, 2023. "Does my model predict a forward guidance puzzle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 393-423, December.
  30. Barnett, William A. & Duzhak, Evgeniya A., 2019. "Structural Stability Of The Generalized Taylor Rule," Macroeconomic Dynamics, Cambridge University Press, vol. 23(4), pages 1664-1678, June.
  31. Roger Guesnerie & Pedro Jara-Moroni, 2011. "Expectational coordination in simple economic contexts," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 47(2), pages 205-246, June.
  32. Barucci, Emilio & Landi, Leonardo, 1997. "Least mean squares learning in self-referential linear stochastic models," Economics Letters, Elsevier, vol. 57(3), pages 313-317, December.
  33. Van Zandt, Timothy & Lettau, Martin, 2003. "Robustness Of Adaptive Expectations As An Equilibrium Selection Device," Macroeconomic Dynamics, Cambridge University Press, vol. 7(1), pages 89-118, February.
  34. Evans, George W. & McGough, Bruce, 2020. "Stable near-rational sunspot equilibria," Journal of Economic Theory, Elsevier, vol. 186(C).
  35. Bennett McCallum, 2002. "Inflation Targeting and the Liquidity Trap," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.),Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 9, pages 395-438, Central Bank of Chile.
  36. Barnett, William A. & Chen, Guo, 2015. "Bifurcation of Macroeconometric Models and Robustness of Dynamical Inferences," Foundations and Trends(R) in Econometrics, now publishers, vol. 8(1-2), pages 1-144, September.
  37. Ariane Szafarz, 2009. "How Did Financial-Crisis-Based Criticisms of Market Efficiency Get It So Wrong?," Working Papers CEB 09-048.RS, ULB -- Universite Libre de Bruxelles.
  38. Cédric Tille & Katrin Assenmacher-Wesche, 2010. "Discussion: Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 146(I), pages 121-130, March.
  39. Fabio Busetti & Giuseppe Ferrero & Andrea Gerali & Alberto Locarno, 2014. "Deflationary shocks and de-anchoring of inflation expectations," Questioni di Economia e Finanza (Occasional Papers) 252, Bank of Italy, Economic Research and International Relations Area.
  40. Francesco Luna, 2019. "Mr. Taylor and the Central Bank: Two Inference Exercises," IMF Working Papers 2019/033, International Monetary Fund.
  41. Adrian Penalver & Daniele Siena, 2021. "The Deflationary Bias of the ZLB and the FED’s Strategic Response," Working papers 843, Banque de France.
  42. Christopher Gibbs & Nigel McClung, 2023. "Does my model predict a forward guidance puzzle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 393-423, December.
  43. Calvo Pardo, H., 2007. "Are the antiglobalists right? Gains-from-trade without a walrasian acutioneer," Discussion Paper Series In Economics And Econometrics 0712, Economics Division, School of Social Sciences, University of Southampton.
  44. Gaballo, Gaetano, 2014. "Sequential coordination, higher-order belief dynamics and the E-stability principle," Journal of Economic Dynamics and Control, Elsevier, vol. 44(C), pages 270-279.
  45. Cars Hommes & Kostas Mavromatis & Tolga Ozden & Mei Zhu, 2019. "Behavioral learning equilibria in the New Keynesian model," DNB Working Papers 654, Netherlands Central Bank, Research Department.
  46. Richard Dennis & Tatiana Kirsanova, 2013. "Expectations Traps and Coordination Failures with Discretionary Policymaking," ANU Working Papers in Economics and Econometrics 2013-611, Australian National University, College of Business and Economics, School of Economics.
  47. Philip Arestis & Alexander Mihailov, 2011. "Classifying Monetary Economics: Fields And Methods From Past To Future," Journal of Economic Surveys, Wiley Blackwell, vol. 25(4), pages 769-800, September.
  48. McCallum, Bennett T., 2007. "E-stability vis-a-vis determinacy results for a broad class of linear rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 31(4), pages 1376-1391, April.
  49. Roger J. Bowden, 1990. "Predictive Disequilibria and the Short Run Dynamics of Asset Prices," Australian Journal of Management, Australian School of Business, vol. 15(1), pages 65-87, June.
  50. Philippe Michel & Alain Venditti & Claude Jessua, 1996. "Croissance optimale et cycles dans le modèle à générations imbriquées : un exemple," Revue Économique, Programme National Persée, vol. 47(3), pages 487-497.
  51. Martin ZUMPE, 2010. "Monetary Policy Rules, Learning and Stability: a Survey of the Recent Literature (In French)," Cahiers du GREThA (2007-2019) 2010-01, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
  52. Barrell, Ray & Caporale, Guglielmo Maria & Hall, Stephen & Garratt, Anthony, 1997. "Learning about monetary union: An analysis of bounded rational learning in European labor markets," Journal of Policy Modeling, Elsevier, vol. 19(5), pages 469-489, October.
  53. Bennett T. Mccallum, 2003. "Is The Fiscal Theory of the Price Level Learnable?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(5), pages 634-649, November.
  54. Roger E. A. Farmer, 1991. "The Lucas Critique, Policy Invariance and Multiple Equilibria," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 321-332.
  55. Ricardo Grinspun, 1995. "Learning rational expectations in an asset market," Journal of Economics, Springer, vol. 61(3), pages 215-243, October.
  56. Philippe Michel & Bertrand Wigniolle, 1993. "Une présentation simple des dynamiques complexes," Revue Économique, Programme National Persée, vol. 44(5), pages 885-912.
  57. Calvo Pardo, H., 2007. "Are the antiglobalists right? Gains-from-trade without a walrasian acutioneer," Discussion Paper Series In Economics And Econometrics 712, Economics Division, School of Social Sciences, University of Southampton.
  58. Guse, Eran A., 2005. "Stability properties for learning with heterogeneous expectations and multiple equilibria," Journal of Economic Dynamics and Control, Elsevier, vol. 29(10), pages 1623-1642, October.
  59. John H. Boyd & Michael Dotsey, 1990. "Interest rate rules and nominal determinacy," Working Paper 90-01, Federal Reserve Bank of Richmond.
  60. Mordecai Kurz, 2011. "Symposium: on the role of market belief in economic dynamics, an introduction," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 47(2), pages 189-204, June.
  61. Albert Marcet & Tom Sargent, 2010. "Convergence of Least Squares Learning in Environments With Private Information," Levine's Working Paper Archive 240, David K. Levine.
  62. Linn, Scott C. & Stanhouse, Bryan E., 1997. "The economic advantage of least squares learning in a risky asset market," Journal of Economics and Business, Elsevier, vol. 49(4), pages 303-319.
  63. Michele Berardi & Jaqueson K. Galimberti, 2012. "On the plausibility of adaptive learning in macroeconomics: A puzzling conflict in the choice of the representative algorithm," Centre for Growth and Business Cycle Research Discussion Paper Series 177, Economics, The University of Manchester.
  64. Zhao, Mingjun, 2007. "Monetary policy under misspecified expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 31(4), pages 1278-1299, April.
  65. Chryssi Giannitsarou, 2003. "Heterogeneous Learning," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 885-906, October.
  66. Wang, Miao & Wong, M.C. Sunny, 2005. "Learning dynamics in monetary policy: The robustness of an aggressive inflation stabilizing policy," Journal of Macroeconomics, Elsevier, vol. 27(1), pages 143-151, March.
  67. Wenzelburger, Jan, 2006. "Learning in linear models with expectational leads," Journal of Mathematical Economics, Elsevier, vol. 42(7-8), pages 854-884, November.
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