E-stability in the stochastic Ramsey model

Analytical expectational stability results are obtained for both Euler-equation and infinite-horizon adaptive learning in a simple stochastic growth model. The rational expectations equilibrium is stable under both types of learning, though there are important differences in the learning dynamics.

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Year of publication:	2013
Authors:	Evans, George W. ; Mitra, Kaushik
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 118.2013, 2, p. 407-410
Publisher:	Elsevier
Subject:	Euler-equation learning \| Infinite-horizon learning \| Expectational stability

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Type of publication:	Article
Classification:	E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; D84 - Expectations; Speculations ; E21 - Consumption; Saving ; E43 - Determination of Interest Rates; Term Structure Interest Rates
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010608090