Determinacy and e-stability under reduced-form learning

被引：0
|
作者：
Cho, Seonghoon [1 ]
机构：
[1] Yonsei Univ, Sch Econ, Seoul 120749, South Korea
来源：
ECONOMICS LETTERS | 2015年 / 128卷
关键词：
Determinacy; e-stability; Reduced-form learning; Euler-equation learning; Law of iterative expectation; MONETARY-POLICY; RULES;
D O I：
10.1016/j.econlet.2015.01.020
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Under reduced-form learning, agents are endowed with an aggregate model, and rational expectations are then replaced with subjective expectations. This paper demonstrates that the reduced-form learning approach may be arbitrary in that a particular representation of aggregate dynamics has particular e-stability properties even though the underlying model's behavior is meant to be unique. (C) 2015 Elsevier B.V. All rights reserved.
引用
收藏
页码：69 / 71
页数：3
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