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
收藏
页码：17 / 19
页数：3
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