摘要翻译:
与静态模型相比,在一定初始条件下,时间一致性要求阻止了消费者异质性引起的动态随机一般均衡模型的理性预期均衡(REE)的存在。然而,我们可以把REE禁止初始条件看作是其他初始条件的限制。然后利用一个经济极限来克服稀土元素存在的问题。这表明,在处理理性预期均衡时必须非常小心。
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英文标题:
《Time-consistent decisions and rational expectation equilibrium existence
in DSGE models》
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作者:
Minseong Kim
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最新提交年份:
2020
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分类信息:
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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英文摘要:
Under some initial conditions, it is shown that time consistency requirements prevent rational expectation equilibrium (REE) existence for dynamic stochastic general equilibrium models induced by consumer heterogeneity, in contrast to static models. However, one can consider REE-prohibiting initial conditions as limits of other initial conditions. The REE existence issue then is overcome by using a limit of economies. This shows that significant care must be taken of when dealing with rational expectation equilibria.
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PDF链接:
https://arxiv.org/pdf/1909.10915