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A finite set of equilibria for the indeterminacy of linear rational expectations models

Jean-Bernard Chatelain and Kirsten Ralf

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Abstract: This paper demonstates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational expectations models. The number of equilibria corresponds to the number of ways to select n eigenvectors among a larger set of eigenvectors related to stable eigenvalues. A finite set of equilibria is a substitute to continuous (uncountable) sets of sunspots equilibria, when the number of independent eigenvectors for each stable eigenvalue is equal to one.

Keywords: Linear rational expectations models; indeterminacy; multiple equilibria; matrix Riccati equation; sunspots (search for similar items in EconPapers)
Date: 2014-07-23
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01053484v2
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: A finite set of equilibria for the indeterminacy of linear rational expectations models (2014) Downloads
Working Paper: A finite set of equilibria for the indeterminacy of linear rational expectations models (2014) Downloads
Working Paper: A finite set of equilibria for the indeterminacy of linear rational expectations models (2014) Downloads
Working Paper: A finite set of equilibria for the indeterminacy of linear rational expectations models (2014) Downloads
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