Multiple equilibria in dynamic rational expectations models: A critical review
Multiple equilibria in dynamic rational expectations models: A critical review
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动态理性预期模型中的多重均衡：批判性回顾
DOI：
10.1016/j.euroecorev.2005.03.006
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发表时间：
2006
影响因子：
2.8
通讯作者：
Robert A. Driskill
中科院分区：
文献类型：
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作者：
Robert A. Driskill
多重均衡是动态理性预期模型的普遍特征。研究人员对这一现象的含义存在分歧。有些人认为这是现实的反映，也是一系列经济现象的可能解释。其他人提出了各种选择标准来从众多均衡中选择一个。本文回顾了已提出的主要选择标准，并通过应用于三个众所周知的模型来展示在什么情况下人们可能期望它们选择相同或不同的均衡。此外，本文还提出了一个基于有限时间内均衡极限的新判据，并研究了它与其它判据的关系。
Multiple equilibria are a ubiquitous feature of dynamic rational expectations models. Researchers have been divided on the implications of this phenomenon. Some have viewed this as a reflection of reality and a possible explanation of a wide range of economic phenomena. Others have suggested various selection criteria for choosing one among the many equilibria. This paper reviews the major selection criteria that have been proposed, and through application to three well-known models shows under what circumstances one might expect them to choose the same or different equilibria. In addition, this paper proposes a new criteria based on the limit of finite-horizon equilibria and investigates its relation to the other criteria.