Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75875
Authors: 
Evans, George W.
Honkapohja, Seppo
Year of Publication: 
2001
Series/Report no.: 
CESifo Working Paper 478
Abstract: 
We examine the nonlinear model Xt = Et F(xt+1) . Markov SSEs exist near an indeterminate steady state, X = F(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning, if F´(X)< -1.
Subjects: 
Indeterminacy
learnability
expectational stability
endogenous fluctuations
Document Type: 
Working Paper

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