制度转换的确定性条件的统一方法

IF 2.3 3区经济学 Q2 ECONOMICS

Review of Economic Dynamics Pub Date : 2024-08-10 DOI:10.1016/j.red.2024.101240

Jean Barthélemy , Seonghoon Cho , Magali Marx

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引用次数: 0

摘要

与标准线性理性预期模型不同，确保具有马尔可夫转换的理性预期模型存在唯一稳定均衡的条件--确定性条件--取决于稳定性概念。在本文中，我们为两个常用的稳定性概念--有界性和均方稳定性--提供了一个统一的框架。我们根据简单的度量方法推导出这两个概念的确定性条件。从定性上讲，我们证明均方稳定解总是至少和有界解一样多。然后，我们在两个货币模型中应用并讨论了我们的结果。

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A unified approach to determinacy conditions with regime switching

The conditions that ensure the existence of a unique stable equilibrium — determinacy conditions — for rational expectations models with Markov switching depend on the stability concept, contrasting with standard linear rational expectations models. In this paper, we offer a unified framework for the two commonly used stability concepts: boundedness and mean-square stability. We derive determinacy conditions for both concepts based on simple metrics. Qualitatively, we show that mean-square stable solutions are always at least as many as bounded solutions. We then apply and discuss our results in two monetary models.

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来源期刊

Review of Economic Dynamics ECONOMICS-

CiteScore

3.30

自引率

0.00%

发文量

期刊介绍： Review of Economic Dynamics publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We will publish contributions in any area of economics provided they meet the highest standards of scientific research.