We are constructing an imperfect competition general equilibrium model, with non-consumable money and labor market; our … toolkit is an equilibrium default model of Shubik-Wilson (1978). Our result has an ‘equilibrium volatility' simultaneously … not have a convergence of common beliefs of common knowledge. It is impossible to calculate equilibrium mixed strategies …

equilibrium model for macro-prudential analysis where optimal decisions by internationally linked banks are key determinants of …

equilibrium model for macro-prudential analysis where optimal decisions by internationally linked banks are key determinants of …

converge to the rational expectations equilibrium as multiple equilibria may persist, even when a fully rational, but costly …

This paper considers a prototypical monetary business cycle model for the U.S. economy, in which the equilibrium is … estimates to values for which the equilibrium is unique. We show how the likelihood-based estimation of dynamic stochastic … general equilibrium models can be extended to allow for indeterminacies and sunspot fluctuations. We propose a posterior odds …

, implementation of price-level targeting to achieve learning stability of the optimal RE equilibrium and whether, under learning …

, but does not always lead the system to converge to the rational expectations equilibrium as multiple equilibria may …