英文标题：
《The Origin and the Resolution of Nonuniqueness in Linear Rational
Expectations》
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作者：
John G. Thistle
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最新提交年份：
2019
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英文摘要：
The nonuniqueness of rational expectations is explained: in the stochastic, discrete-time, linear, constant-coefficients case, the associated free parameters are coefficients that determine the public\'s most immediate reactions to shocks. The requirement of model-consistency may leave these parameters completely free, yet when their values are appropriately specified, a unique solution is determined. In a broad class of models, the requirement of least-square forecast errors determines the parameter values, and therefore defines a unique solution. This approach is independent of dynamical stability, and generally does not suppress model dynamics. Application to a standard New Keynesian example shows that the traditional solution suppresses precisely those dynamics that arise from rational expectations. The uncovering of those dynamics reveals their incompatibility with the new I-S equation and the expectational Phillips curve.
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中文摘要：
解释了理性预期的非一致性：在随机、离散时间、线性、常系数的情况下，相关的自由参数是决定公众对冲击的最直接反应的系数。模型一致性的要求可能会使这些参数完全自由，但当适当指定它们的值时，就会确定唯一的解决方案。在一大类模型中，最小二乘预测误差的要求决定了参数值，因此定义了唯一的解决方案。这种方法独立于动态稳定性，通常不会抑制模型动力学。对一个标准的新凯恩斯主义例子的应用表明，传统的解决方案恰恰抑制了理性预期产生的动态。这些动力学的揭示揭示了它们与新的I-S方程和预期的菲利普斯曲线的不相容性。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Economics 经济学
二级分类：Econometrics 计量经济学
分类描述：Econometric Theory, Micro-Econometrics, Macro-Econometrics, Empirical Content of Economic Relations discovered via New Methods, Methodological Aspects of the Application of Statistical Inference to Economic Data.
计量经济学理论，微观计量经济学，宏观计量经济学，通过新方法发现的经济关系的实证内容，统计推论应用于经济数据的方法论方面。
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一级分类：Economics 经济学
二级分类：Theoretical Economics 理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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