E-STABILITY DOES NOT IMPLY LEARNABILITY

Chryssi Giannitsarou ()

Macroeconomic Dynamics, 2005, vol. 9, issue 02, pages 276-287

Abstract: The concept of E-stability is widely used as a learnability criterion in studies of macroeconomic dynamics with adaptive learning. In this paper, it is demonstrated, via a counterexample, that E-stability generally does not imply learnability of rational expectations equilibria. The result indicates that E-stability may not be a robust device for equilibrium selection.

Date: 2005
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