Introduction

Kazuo Mino

Chapter Chapter 1 in Growth and Business Cycles with Equilibrium Indeterminacy, 2017, pp 1-18 from Springer

Abstract: Abstract This chapter reviews the issue of equilibrium indeterminacy in macroeconomics. Instead of providing a broad literature survey, we consider two simple examples. One is a univariable rational expectations model of asset price determination. The other is a general equilibrium model of monetary economy. When discussing both examples, we classify the models into three categories: the steady state of the model economy is (i) unique, (ii) multiple, and (iii) a continuum. The majority of foregoing studies have treated models with a unique steady state. However, there are some interesting situations in which multiple steady state equilibria exist or the steady state of the economy constitutes a continuum.

Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-4-431-55609-1_1

Ordering information: This item can be ordered from
http://www.springer.com/9784431556091

DOI: 10.1007/978-4-431-55609-1_1

Access Statistics for this chapter

More chapters in Advances in Japanese Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().