Another weakness of "determinacy" as a selection criterion for rational expectations models

被引：4

作者：

Cho, Seonghoon ^{[2
]}

McCallum, Bennett T. ^{[1
]}

机构：

[1] Carnegie Mellon Univ, Tepper Sch 256, Pittsburgh, PA 15213 USA

[2] Yonsei Univ, Sch Econ, Seoul 120749, South Korea

来源：

ECONOMICS LETTERS | 2009年 / 104卷 / 01期

关键词：

Determinacy; Stability; Rational expectations; MONETARY-POLICY;

D O I：

10.1016/j.econlet.2009.03.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper argues against determinacy as a guide to interpret rational expectations solutions, using an example in which a determinate solution exists but differs sharply in dynamic behavior from that implied by the model considered on a sector-by-sector basis. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：17 / 19

页数：3

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