Indeterminacy of stationary equilibrium in stochastic overlapping generations models

DOI10.1016/0022-0531(90)90002-2zbMath0693.90025OpenAlexW2063886162MaRDI QIDQ908835

Sanjay Srivastava, Michael Woodford, Stephan E. Spear

Publication date: 1990

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(90)90002-2

zbMATH Keywords

perfect foresight equilibriastochastic overlapping generationslocal uniqueness propertiesstationary rational expectations equilibria

Mathematics Subject Classification ID

Economic growth models (91B62) General equilibrium theory (91B50)

Related Items (18)

A geometric approach to sunsport equilibria. ⋮ Habit formation and indeterminacy in overlapping generations models ⋮ Existence and local uniqueness of functional rational expectations equilibria in dynamic economic models ⋮ Statistical equilibrium in one-step forward looking economic models ⋮ Tackling indeterminacy in overlapping generations models ⋮ Multiplicity of equilibria ⋮ ``Quasifundamental variation in a price level and the inflation rate ⋮ Eliminating sunspot effects in overlapping generations models ⋮ Growth, externalities, and sunspots ⋮ Sunspot-like effects of random endowments ⋮ Indeterminacy in stochastic overlapping generations models: real effects in the long run ⋮ Indeterminacy, sunspots, and development traps ⋮ Stationary Markov equilibria on a non-compact self-justified set ⋮ Endogenous strategic business cycles ⋮ Learning, rare events, and recurrent market crashes in frictionless economies without intrinsic uncertainty ⋮ Convergence of learning algorithms without a projection facility ⋮ Uniqueness of an equilibrium in infinite-horizon economies subject to taxes and externalities ⋮ Monetary equilibria and Knightian uncertainty

Cites Work

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• Regularity in overlapping generations exchange economies
• Rational expectations in the overlapping generations model
• Markov rational expectations equilibria in an overlapping generations model
• Existence and local uniqueness of functional rational expectations equilibria in dynamic economic models
• On the existence of sunspot equilibria in an overlapping generations model
• Comparative Statics and Perfect Foresight in Infinite Horizon Economies
• On Endogenous Competitive Business Cycles
• Temporary General Equilibrium Theory
• SELF-FULFILLING PROPHECIES AND THE BUSINESS CYCLE
• Economies with a Finite Set of Equilibria
• Stochastic processes of temporary equilibria

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