Narrow search
Showing 1 - 10 of 20
Cover Image
Market distortions and local indeterminacy: A general approach
Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas - 2011
We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …
Persistent link: https://www.econbiz.de/10010278392
Cover Image
Expectational Stability of Resonant Frequency Sunspot Equilibria
Evans, George W.; Honkapohja, Seppo - 2001
We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to the fundamentals solution, the literature describes both finite-state Markov sunspot solutions, satisfying a resonant frequency condition, and autoregressive solutions depending...
Persistent link: https://www.econbiz.de/10010315168
Cover Image
Existence of Adaptively Stable Sunspot Equilibria Near an Indeterminate Steady State
Evans, George W.; Honkapohja, Seppo - 2001
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.
Persistent link: https://www.econbiz.de/10010315235
Cover Image
Stable Sunspot Equilibria in a Cash-in-Advance Economy
Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - 2001
We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other regime has a unique steady state which can be determinate or...
Persistent link: https://www.econbiz.de/10010315471
Cover Image
Existence of adaptively stable sunspot equilibria near an indeterminate steady state
Evans, George W.; Honkapohja, Seppo - 2001
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.
Persistent link: https://www.econbiz.de/10011398793
Cover Image
Expectational stability of resonant frequency sunspot equilibria
Evans, George W.; Honkapohja, Seppo - 2001
We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to the fundamentals solution, the literature describes both finite-state Markov sunspot solutions, satisfying a resonant frequency condition, and autoregressive solutions depending...
Persistent link: https://www.econbiz.de/10011398912
Cover Image
Stable sunspot equilibria in a cash-in-advance economy
Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - 2001
We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other regime has a unique steady state which can be determinate or...
Persistent link: https://www.econbiz.de/10011408407
Cover Image
Stable Sunspot Equilibria in a Cash-in-Advance Economy
Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - Barcelona Graduate School of Economics (Barcelona GSE) - 2003
We analyze a monetary model with flexible labor supply, cash-inadvance constraints and seigniorage-financed government deficits. If the intertemporal elasticity of substitution of labor is greater than one, there are two steady states, one determinate and the other indeterminate. If the...
Persistent link: https://www.econbiz.de/10010851434
Cover Image
On the Stabilizing Virtues of Imperfect Competition
Seegmuller, Thomas - HAL - 2005
We analyze the stabilizing role of imperfect competition on fluctuations due to indeterminacy and endogenous cycles. In …
Persistent link: https://www.econbiz.de/10010750384
Cover Image
Stable sunspot equilibria in a cash-in-advance economy
Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - Department of Economics and Business, Universitat … - 2004
We analyze a monetary model with flexible labor supply, cash-inadvance constraints and seigniorage-financed government deficits. If the intertemporal elasticity of substitution of labor is greater than one, there are two steady states, one determinate and the other indeterminate. If the...
Persistent link: https://www.econbiz.de/10005827487