Anticipations rationnelles, fonctions d'anticipations et structure locale de Slutsky. (Rational Expectations, Expectation Functions, and Slutsky Local Structure. With English summary.)

Camille Bronsard and Lise Salvas-Bronsard

Canadian Journal of Economics, 1988, vol. 21, issue 4, 846-56

Abstract: In this paper, it is shown that rational expectations can imply the existence of rational expectations functions. These functions are differentiable; they take into account the intertemporal substitution effects so that a temporary equilibrium always exists and they obey the Le Chatelier Principle (an increase in the level of a future init ial endowment is associated to a decrease in the level of its expected price). It follows from these rational expectations functions that so me meaningful theorems of the neoclassical theory are maintained, that is, complete tempora ry demand systems have a Slutsky local structure.

Date: 1988
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