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| Author: | Driskill, R. |
| Title: | Multiple equilibria in dynamic rational expectations models: A critical review |
| Journal: | European Economic Review
2006 : JAN, VOL. 50:1, p. 171-210 |
| Index terms: | equilibrium analysis rational expectations models |
| Language: | eng |
| Abstract: | Multiple equilibria (hereafter as: eql.) are a ubiquitous feature of dynamic rational expectations models. This paper reviews the major selection criteria (here as: crit.) that have been proposed. It is shown through three well-known models under what circumstances one might expect them to choose the same or different eql. In addition, the paper proposes a new crit. based on the limit of finite-horizon eql. and investigates its relation to the other crit. |
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