Comparing Expectational Stability Criteria in Dynamic Models: A Preparatory Overview

Stephane Gauthier and Roger Guesnerie ()

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Abstract: This paper compares the most significant expectational stability criteria that have been used to assess the plausibility of perfect foresight trajectories in forward-looking dynamical systems: determinacy of trajectories, absence of neighbour sunspot trajectories, and convergence of " evolutive " and " eductive " learning processes. It examines, within a set of increasingly complex dynamical models, the robustness of an equivalence principle suggested by the analysis of the simplest classes of those models.

Keywords: rational expectations; determinacy; sunspots; learning (search for similar items in EconPapers)
Date: 2005
Note: View the original document on HAL open archive server: https://hal.science/hal-00731535v1
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Citations: View citations in EconPapers (3)

Published in Roger Guesnerie. Assessing Rational Expectations. 2. "Eductive" Stability in Economics, MIT Press, pp.343-379, 2005, 0-262-07258-0

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Working Paper: Comparing expectational stability criteria in dynamical models: a preparatory overview (2004)
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