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RATIONAL RANDOM-WALKS

delete1993-10-01
delete5
PRE
AI
P
P.-A. Chiappori
R
Roger Guesnerie
DOI：10.2307/2298102delete
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Abstract

Abstract

En 中文
The paper examines, within the framework of a multi-dimensional one-step forward-looking model, a special category of rational expectations equilibria. Their support is infinite with two accumulation points (steady states); the stochastic motion of the system is of random-walk type. A general strategy for an existence proof-associated with the study of a dynamical system-stresses necessary conditions. In a simple overlapping-generations model, the proof is made complete-no backwards bending labour supply is required in the pure sunspot case. By continuity, heteroclinic random walk equilibria are also shown to exist when shocks are real.
Keywords:
STATIONARY SUNSPOT EQUILIBRIA
CYCLES
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Journal

Review of Economic Studies cover
Review of Economic Studies
IF:
6.4
Papers:
2.5K
Citations:
2.1W

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