Arbeitspapier
Expectational Stability of Resonant Frequency Sunspot Equilibria
We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to the fundamentals solution, the literature describes both finite-state Markov sunspot solutions, satisfying a resonant frequency condition, and autoregressive solutions depending on an arbitrary martingale difference sequence. We clarify the relationships between these solutions and show that the stability properties of equilibria may depend crucially on the representation used by agents in the learning process. Only the finite-state Markov sunspot solutions can be stable under learning.
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 497
- Classification
-
Wirtschaft
- Subject
-
Indeterminacy
representations of solutions
learnability
expectational stability
endogenous fluctuations
- Event
-
Geistige Schöpfung
- (who)
-
Evans, George W.
Honkapohja, Seppo
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2001
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Evans, George W.
- Honkapohja, Seppo
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2001
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