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This paper explores the relationship between the closely linked concepts of E-stability and least-squares learnability, featured in important recent work by Evans and Honkapohja (1999, 2001), and the minimum-state-variable (MSV) solution concept introduced by McCallum (1983) and used by many...
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This paper presents a prototype model for development of the “fiscal theory of the price level.” In this simple setting, the fiscal theory’s distinctiveness relies upon adoption of a bubble solution, rather than the rational-expectations fundamentals solution. The paper then shows that the...
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