A BENCHMARK FOR COMPARATIVE DYNAMICS AND DETERMINACY IN OVERLAPPING-GENERATIONS ECONOMIES

被引：8
|
作者：
BURKE, JL
机构：
[1] Department of Economics, University of Texas, Austin
来源：
JOURNAL OF ECONOMIC THEORY | 1990年 / 52卷 / 02期
关键词：
D O I：
10.1016/0022-0531(90)90034-H
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Do self-fulfilling prophecies inherently produce indeterminate price paths? After attention is restricted to nearly stationary price paths and economies, the local uniqueness of equilibrium paths is established for almost all eternal (without beginning or end) overlapping-generations economies with perfect foresight. Those results sharply contrast with leading examples of indeterminacy. Such divergent results are possible since each leading example actually violates perfect foresight: all but a finite number of their equilibrium paths embody either unanticipated revisions of expectations or extrinsic uncertainty (sunspots). © 1990.
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页码：268 / 303
页数：36
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